Complex Financing

Tom is a wonderful father to his 8 years old boy, Timmy, who was born with Down syndrome. He loves to bring Timmy along to watch sports games with him. While seating next to each other, Tom keeps his arm around Timmy’s shoulders most of the time. You can also see him strolling Timmy’s hair when it gets frizzy, and kissing him on his cheek every now and them. The love for his son is evident.

Tom is aware of his son’s special needs and he takes pride in been able to provide for them. Today, Timmy enjoys the privilege of attending a specialized institution for the education of children with Down syndrome. This “school” has been fundamental in Timmy’s social development. Among many other things, there, Timmy has learned how to behave while at the dinner table, how to get dress, make his bed, and use the phone. Timmy is now capable of reading and writing to a certain degree, thus having better communications skills than many kids with his same condition.

Since very early in life, Timmy showed a special interest in classic music. Some of his medical providers agreed that listening to classic music would have very positive therapeutic effects upon Timmy. Following their advice last year, Tom decided to set up a music room for Timmy. Tom and his wife, Mirta, love watching Timmy in the music room as he listens to Beethoven’s “For Elise”, over and over again, for hours, grinning delightfully.

Timmy’s condition requires regular visits to the psychiatrist, primary care physician, specialist, occupational and speech therapists. It also requires many different medications. All this, represents a high expense for the family. But Timmy’s parent’s main concern is who will take care of Timmy in case they become unavailable.

Tom shared this concern with James, his friend from high school. James, a successful attorney in the area recommended to Tom to create a Testamentary Trust on Timmy’s name.

“This is how it works”, said James. “You set up a bank trust account on Timmy’s behalf, for someone else to manage it, after your death”, explained James. “The person managing the account would be the Trustee and Timmy would be the Beneficiary of the trust. You, the founder of the trust would be the Trustor”, he continued.

“In the legal document creating the Trust you will describe all of Timmy’s medical and home needs. You will also explain how you take care of them today”, James said. “You will then provide the Trustee with instructions on how to make use of the funds deposited in the bank to pay for the providers. And most importantly, my friend is that you do not need me or any attorney to this. You can do it yourself and save hundreds of dollars”, added James.

James is absolutely right. You can still enjoy the benefits of creating a trust on behalf of your loved one, even if you can’t pay an attorney. After thousands of hours of work by a legal expert, here at legendary wills andt rusts you can find the legal forms you need to provide for the care of your loved one when you can’t. Creating a trust is now affordable and accessible. Make sure you create the Trust for that special person in your life. Don’t wait any longer. Tomorrow it might too late.

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