Special Needs Trusts

TRUSTS & ESTATES

A special needs trust is an irrevocable trust created for the benefit of an individual with a significant, chronic or persistent disability that impairs the individual’s ability to care for himself or herself. When properly structured and administered, a special needs trust provides supplemental financial support to the trust beneficiary while allowing him or her to potentially receive needs-based government benefits.

City National Bank (CNB) has a long history of serving special needs clients. CNB’s services extend beyond the administration of trust assets; they work closely with each family to help the beneficiary pursue the highest possible quality of life while providing support and guidance to those closest to the special needs client. As a corporate trustee of a special needs trust, CNB can provide the expertise and impartiality required by these highly complex trusts. Managing your trust without personal bias can help mitigate conflicts among family members and beneficiaries.

CITY NATIONAL BANK SUPPORTS THE BENEFICIARIES OF A SPECIAL NEEDS TRUST BY HELPING TO:

Enhance quality of life by working with the clients’ legal advisors to implement the provisions of the special needs trust so that it provides a wide range of quality-of-life activities and services, including education, recreation and custom living arrangement.
Ensure the preservation of existing government benefits by making appropriate trust distributions
Meet long-term cash flow needs with prudent investment management of trust assets

SPECIAL NEEDS TRUST SERVICES ARE PROVIDED BY A TEAM OF SPECIALISTS IN THE FOLLOWING AREAS:

Comprehensive administration. As corporate trustee, City National Bank’sTrust & Estate Administration Services team can assist with budgeting, bill pay, payroll, taxes, arranging for Care Manager services, coordination of public benefits or private health insurance to meet a beneficiary’s needs, purchase of special medical equipment and handicappedaccessible vehicles.
Investment management. CNB works closely with the client’s family to determine the most effective and compassionate use of resources to ensure long-term financial security. CNB’s goal is to structure and monitor portfolios in a way that helps meet expected and unexpected expenses without impacting long-term cash needs.
Real estate management. CNB’s Trust Advisors regularly help their special needs clients purchase a residence that meets their unique needs or make home modifications as needs change. If the residence is an asset of the trust, the Real Estate Trust team oversees the maintenance of the residence in order to preserve its value for the benefit of the trust.

In addition to working with a team of professionals at City National Bank, the client’s Trust Advisor will work with their outside legal counsel and tax advisors to prepare and file income tax returns, legal petitions and accountings as needed.

CITY NATIONAL BANK’S CULTURE OF SERVICE

Regular meetings will be coordinated to ensure all involved parties remain informed of the beneficiary’s changing needs and ongoing trust administration activities. Our dedicated team of trust professionals has the experience, judgment and resources to find creative and meaningful solutions for the special needs individuals and their families. We are proud of our track record of success, and we will strive every day to exceed client expectations.

Let's work together.

If you’re interested in working with City National Rochdale as your investment manager, speak with your advisor about partnering with us.

Important Disclosures

This document is for general information and education only. It is not meant to provide specific tax guidance. The information in this document was compiled by the staff of City National Rochdale, LLC (CNR) from data and sources believed to be reliable, but CNR makes no representation as to the accuracy or completeness of the information. The opinions expressed, together with any estimates or projections given, constitute the judgment of the author as of the date of the presentation. CNR has no obligation to update, modify, or amend this document or otherwise notify you in the event any information stated, opinion expressed, matter discussed, estimate, or projection changes or is determined to be inaccurate.

City National Bank, its managed affiliates and subsidiaries, as a matter of policy, do not give tax, accounting, regulatory, or legal advice. Rules in the areas of law, tax, and accounting are subject to change and open to varying interpretations. Any strategies discussed in this document were not intended to be used, and cannot be used for the purpose of avoiding any tax penalties that may be imposed. You should consult with your other advisors on the tax, accounting and legal implications of actions you may take based on any strategies or information presented taking into account your own particular circumstances.

This presentation (or any portion thereof) may not be reproduced, distributed, or further published by any person without the written consent of CNR.

Professional trustee services are offered to City National Rochdale clients by City National Bank which may serve as trustee.

City National Rochdale, LLC is an SEC-registered investment adviser and wholly-owned subsidiary of City National Bank. Registration as an investment adviser does not imply any level of skill or expertise. City National Bank is a subsidiary of the Royal Bank of Canada.