The Henson Trust and Trustee Considerations

Panelist: Brendon Pooran

Session Length: 42 Minutes + Q&A

Welcome to the chat
Patricia: I investigated TD managing a Henson Trust. Basically they wouuld not manage less that $400k and the management fees were costly. Can a family member manage a Henson Trust Fund?
Angelika Oberoi: If my son no longer qualifies for ODSP the is there any advantage to maintaining the Henson Trust Fund in my will ?
Mary : Would you please talk about the 21-year rule with trusts? Have concerns that my adult children will have some type of financial burden 21 years after the death of my spouse and myself. Is there something we can do when creating a housing trust that can minimize or eliminate a future issue? If their sister is the surviving sibling, can it be written that a house does not have to sold if she would like to live (or continue) to live in it since it was the family home? With such high housing costs, it doesn't make sense for our family to give up affordable housing for the other family member without a disability when it's something we're fortunate to have.
Martha: In the case of the Ontario teacher's pension plan a child with a disability (including an adult child) is eligible for the parents' survivor pensions.The pension has to be paid to an individual NOT a trust. If the amount of the pensions will disqualify the disabled adult child from ODSP is there any point setting up a Henson trust?
Deanna: hi
Deanna: hi
Deanna: i am look a volunteer job
jody: Trustees are obligated to send an annual report to odsp as well as bringing a passing of accounts - would you please speak to the passing of accounts - for instance how often onemust do this and how to do this?What exactly does this entail? Thanks!
Mary : Is a Discretionary Trust the same as a Housing Trust? Should the adult children be added somehow to the Ownership of the property (perhaps as a & of ownership) since this particular house has been their home? Is adding people to ownership an easy thing to do or not when our house was purchased 8 years ago?
Shanti Stuber: Hi
jody: Would you please confirm that once the beneficiary turns 65 the trustee no longer needs to submit a report to ODSP? Thanks
Deanna: i saw your post on my linkin website,
Jorunn Brit Mamoniw: I have to make my will, and a Hensen trust for My adult daughter. I also have to sell a property overseas, in Spring, and I am hoping to add the money from that to the Hensen trust. Which should I do first?
Jorunn Brit Mamoniw: 1. I need to make my will
Mary : Sorry I typed (perhaps as a "&" of ownership instead of "%")
Bruce: Hello, Is there a limit to how much can be put in a Henson Trust.
Jorunn Brit Mamoniw: 2. It is mostly to state that my insurance policies are to into a Hensen trust for my daughter (Adult, 48). 3, I need to sell my property in Norway, and was hoping I could amend my will to add that to the hensen trust. Can that be done. What comes first. I am 69.
Michelle: How have things changed in the last 10 years with respect to the Henson Trust? How often should you change your will with a Henson Trust?
Jennifer Scott : I’m concerned that my son won’t have access to all the funds I have in my estate gir him
Deanna: i am in bowmanville ont
Phyllis: How much money can you have in a hensen trust.
Deanna: i am 54
Jorunn Brit Mamoniw: How much should I expect to pay for a will and Hensen trust? Ballpark range?
Linda: If a disabled person inherits a Henson Trust or LBT would it jeopardize them from qualifying for a survivor pension if they are medically eligible.
Teresa: What happens to the funds in a Henson Trust if (heaven forbid) my daughter dies at an early age. She does not have the capacity to make a will.
Mary: I was told that you can open a Henson Trust after I passed on. Is this true? Who will open the Henson Trust for my disabled son if I am already gone?
Tara: What is easier to be a trustee or a power attorney for our children
Lucy: Is a Hensen Trust only in Canada? Can you create a Hensen Trust in the United States
Kerry Bowman: Is a Henson Trust a Blind Trust?
Sue and Mike: Is a TFSA an exempt assets for ODSP?
Darlene: Happy to be here! We had our Henson Trust done when we redid our wills...our lawyer charged us $500 for 2 wills, Henson Trust included, and our power of attorney documents.
Marg Lauzon: Can money from a parents RRIF go into the trust tax free?
Cornel: HI , My 5 year old daughter is Autistic and im looking for guidance on the best plans to save for her future , the Benefits of RDSP and restriction on the account . Also could you please advise how and when the funds in thr RDSP account can be withdrawn . thank you
Shana: What if the person no longer qualifies for the DTC?
doug: How do you dissolve a henson trust, eg, at 65 years age
Deanna McInroy: hi
Anna: Does a Henson Trust have to file income tax every year?
Maxine Evans: Since a Henson Trust gives sole discretion of money/spending, can I just leave all my assets to another child who will care for my child with the disability?
Kerry Bowman: What happens on the death of the first parent assuming both parents of the disabled loved one have Henson Trust provisions in their Wills?
Suzanne Noel: when is the Henson Trust opened? If a relative dies and leaves my disabled daughter money before I die, is it opened then/
Sandra: How to go about Henson trust with no one is know to apportionment
Kerry Bowman: Do registered investments (beneficiary being the spouse) go into the Henson Trust on death of the 1st parent?
Carol: I have a will that states that my assets will be left to my disabled child in a Henson trust managed by executors. Do I open a trust/account before I pass or do the executors set up a trust/account after I pass?
Sandra: No one to appoint to be a trustee
Paola: What happens when parents are divorced? Do separate Henson Trusts need to be set up for the child?
Sandeep: Does Henson Trust provide services in other provinces like British Columbia?
Howard: Is there an equivalent program in NL?
Christine : Once the Hendon Trust has money in it, what are the requirements?
Maria D: Hello everyone, is webinar starting shortly? It reads webcast will be starting shortly but there is no activity.
Lynn: Can you open a Henson trust for the person receiving ODSP, before you pass away?
Diego Andres Rosales: What if the Individual getting ODSP were around their 50s
P4P studio: @Maria D, the webinar is live right now, please refresh your page if you do not see the video playing
Amanda Collins: Is Passport Funding considered an asset or income by ODSP?
Maria D - : Yes I eventually was able to log in - thank you
Suzanne Noel: my daughter will continue to live in my condo. if the trustee uses funds to purchase a new furnance, is that allowed/
Barbara: Is it beneficial or even possible to move RDSP money to Henson Trust?
Tom: What is a segregated fund?
John: Is there a limit on how much a principal resident can be worth and still be exempt from PDSP Financial Eligibility.
Marcia: How would the 21 year rule apply to a Henson Trust?
Richard: is there a benefit of rolling the RDSP into the Henson trust ?
Alina Jacques: I have a henson set up and all my assets will flow into it upon my death. I'm worried about my ex leaving money outside of the trust to my son.
Leanne: In what order should parents do their estate planning? Wills first or Henson Trust first?
Tara: How much can be in the trust
Barb Strain: Can a cottage property or a portion of a cottage property be left to a child with a Henson Trust?
Michelle: can you use the trust to purchase real estate so that that person on ODSP has a place to live?
Krystal MacCullam: Does payout from the Henson Trust count towards the monthly income?
Krista: What happens to the Henson Trust if/when the beneficiary dies? Do we specify that in our own will when we set up the Henson Trust?
Melissa: Does our income as parents have an impact in getting approved for ODSP for our child?
Ishumita Singh: can the beneficiary of this trust take out money as and when he wants independently?
Maxine Evans: In my will, do I just say I leave my estate in a Henson Trust...etc..Or do you have to have a certain wording or a trust number registered with CRA or anything?
Dan O'Neil: Are funds taken from an RDSP considered income for ODSP purposes ?
Sabrina : Should the Henson trust be named as beneficiary on life insurance policy?
Tamara Curtis: What are the risks with a Hensen trust?
Tara: is there a place that would assist us in this estate planning
Tamara Curtis: Could you have the 2 different types of trust?
Marcia: Would a 21 year rule effect fully paid for house in a Henson Trust that is left to a beneficiary?
Solomon: Yes, big question is how to define beneficiary of insurance plan into a Henson Trust?
Tamara Curtis: I have not had a good experience with a bank trustee. They have been very slow and unresponsive with my father's passing. I am not impressed with this option.
Jorunn Brit: How do I know how much the trustee of a hensen trust? My daughter is 48, Bipolar,
Melissa: Henson trust has to be legally binded by a lawyer?
Julie : Who should be the trustee of a Henson trust? My younger son (24 yrs) has a disability. My older son (25 years old) is neurotypical. Can he be a trustee ?
M: Person on ODSP can own a house. What happens if he sell his house and suddenly has more than $40,000 in the bank. Will he still qualifies for ODSP?
Tamara Curtis: Who regulates trustees if you have a problem with the trustee?
matt: with a Discretionary Trust could the trustee act in a way that may not benefit the beneficiary ?
Solomon: Can any adult be a trustee of a Henson Trust?
Suzanne Noel: what happens if someone unknowingly leaves money to my disabled daughter? Can a trust account be opened then/
Alina Jacques: if i pass away and the Henson is then in effect, can a family member direct their inheritance to that henson trust.
M: My son is beneficiary on my 3 life insurances, $100,000 each.
Shanti Stuber: Who is the professional person that sets up the Henson Trust?
Paola: If you have more than 1 child with a disability, I'm assuming a Henson would have to be set up for both individually and not jointly, is that the case? If so, how is it stipulated that when the children age and eventually one passes on, can a stipulation be put in place to have the funds from one child transferred over to the other child, upon death, IF individual Henson trusts need to be set up?
Solomon: Can you have more that one person be "beneficiary" of a Henson TRust, or does each beneficiary need their own? Is one setup better than the other?
Suzanne Noel: can you suggest a good lawyer in Ottawa for my estate
Kandi: My father would like to leave an inheritance in an informal trust to my son, who may receive ODSP after his 18th birthday. Would this informal trust effect ODSP?
Maria D - : HI Suzanne N - Ken Pope - search him - very knowledgeable and helpful
Paola: Have you heard of Microboards? If so, can you outline the differences between Henson Trusts and Microboards and how one would determine which option would be more appropriate for their child?
Tara: is there funding or free services for estate planning for children
Alina Jacques: can a trustee then name a trustee to take over from them if they pass
Brian: My sister is 63 and I understand will switch to CPP in less than 2 years. Is a Hensen trust the best choice when person is =>65?
Shana: What if the trustee dies?
M: I am in the process of setting up Henson Trust for my son. Can Life Insurance be added to the Henson Trust without changing Beneficiary, My son is Beneficiary on my 3 Life Insurances, $100,000 each.
Tara: is there a difference between the trust or rdsp
Jason: What if we have no family or friends to appoint a trustee? Who or how can it be contracted out?
M: What will happen with the Henson Trust after person turns 65?
Paola: What happens IF an appointed Trustee decides at some point after the parent passes on that they no longer want to pay the role of Trustee, what would happen in those situations?
Michelle: If you use a corporate trustee who overlooks them?
Solomon: Can/will the Public Trustee be asked to be trustee of a Henson Trust?
Andrea: is it fair to say that in addition to preserving ODSP, a significant benefit of the Trust is to protect the recipient from bad actors, scammers, etc who could exploit the recipient if the $ is simply in a bank account
Michelle: How much of a fee are they getting to administer the trust
Amanda Collins: Can part of the trust be designated to pay for accountants/lawyers/investment advisors etc?
Maria D - : will answers to this session's questions be shared in a separate document?
Sue: If more than one person specifies a Henson trust in their will for the same beneficiary (ie my will and my sister's will), do the funds from both go to the same Henson trust after each of those 2 people die?
Marcia: I lost access to the broadcast
Marcia: Did anyone else have this problem?
Roberto: Yes same here
Amanda Collins: @Marcia, mine freezes a lot but always comes back eventually
Marcia: Yes it is back
mohamad: im still getting broadcast
Sue: If there are multiple henson trusts, should each person name a trustee(s) in their will?
Gideon: While you can have multiple trusts, my understanding is that only one can be designated as a Qualified Disability Trust. Is there a way to merge trusts, in a way that also preserves them as tetementary (and with the tax benefits of that status)?
matt: if a trustee dies and no other alternatives remain. Can the final trustee name alternatives in their will ?
Alina Jacques: This is good info. but going way too fast for me. Is there a print out of all this info?
Jason: If we own a house, do we leave the house to a trustee so it is not in my son's name? If he is on ODSP what effect does this have?
Brittany: Can you advise at which age and/or at which market value of assets being inherited you may consider forgoing a Henson Trust? For example a large inheritance that would provide the bene a better quality of life than preserving ODSP. Hensons restrict the bene giving any direction on the release of funds, so what's a better option in this case?
Heather: what if my child's disability improves,and they no longer require odsp?
Carol: Is
Amy: I am a single mom with a 26 years old son on ODSP and 33 years old daughter.
Tran: How do i ensure that the trustee for my child's Henson Trust use the fund for my child not herself ?
Amy: Is disability tax certificate required to set up hensen trust
Phyllis: If I have 50,000 in my bank account can I put in my will that my disabled child to receive these moneys in the hensen trust
Amy: My daughter doesn't want to take care of my son in case I pass away. I don't have any trustee for my son.
Barb: Please address multiple Henson Trusts!
Rosario: Do we have to prepare all documents needed to open a Henson trust? What documents do we need?
Maria D - : I have a 27 yr old son with a disability on ODSP. No siblings. Can we leave our home to a trustee or in our son's name? does this impact ODSP?
Mary: what happens to the henson trust after the benefeciary turns 65.
Mary: What happens if you don't have a trustee as my siblings are the same age and most likely not be there to help my son?
Tan: If there are 2 children with disabilities, is a single Henson enough for both? or each beneficiary must have their own Henson Trust?
Matt: My parents aren't going to open a trust for me. What should do with the money from my RDSP. Can I open a TFSA at 65?
Hannah: What if you have a house in PD trust for your disabled adult child would that flow into the Henson trust upon your death or would that remain intact
J: What would happen if a designated trustee declines to act as trustee?
Amanda Collins: Does the 21 year rule mean it makes more sense to delay setting the trust up as long as possible?
Mary: Can you talk about what happens to these trusts after a beneficiary passes the age of 65?
Lucy: The Grandparents live in the United States and Want to leave money to my chil
Mikhail: How to handle Hanson Trust if my daughter and granddaughter, both, have ODSP? Is it enough to have one Hanson Trust for both or 2 separate?
Christine : What are the responsibilities of the trustee once money has been placed in the Hanson trust?
Megan: Does a will need to explicitly call it a “Henson” trust or just state the elements/criteria that make it a Henson trust (fully discretionary, etc)?
Willy: Will the corporate trustee of the Henson trust pay my child's rent and expenses?
Tara: Is there funding for estate planning n wills
Lucy: my disabled children that live in Canada can they set up a henson trust in the united states
Carol: Can a grandparent’s Henson trust be then combined with the parent’s trust then the parent ultimately passes away or should they be kept separate and is there any advantage to combining them?
Tara: omg what do they get after 65 if they havent worked and is in a long term care facility
Jorunn Brit: Does a disabled person get CPP or Funding from the goverment in addition to or instead of oDSP?
Mary: What happens after 65 to the Henson trust in regards from the ODSP point of view?
Susan: what if i have 2 kids that qualify for odsp - would i set up 1 or 2 Henson trusts?
Amanda Collins: If two children are on ODSP, can the share the trust?
Matt: Thank you.
Tara: ok thank you.
Phyllis: If my son has 40,000 in asset income recieved gift of 10,000 that will exceed the ODSP amount will that affect the ODSP
Pat: Is the Henson trust set up only because of ODSP? All of this for the amount of around $1200 of our loved one?
Alina Jacques: what if you require more than 10,000 a year from your trust to run your home and paid supports?
Marg Lauzon: Can the Henson trust buy a house or condo
Elena: Is an investment property can go into the Henson before both parents past away?
Jorunn Brit: How long does the admin process take until the beneficial receives payment?
Amanda Collins: Is there a list of law firms that are experienced in setting up a Henson Trust?
Pat: Yes what do they receive after 65 if our loved one has never worked to receive CPP?
Tran: would Henson trust fund administered for related disability services (eg. hiring PSW) affects cpp payment
matt: are payments from trusts to RDSP considered in the 10K /12M for ODSP ?
Pat: Is RDSP still only accessible after 10 yrs after last contribution and should the Rdsp only be accessed after age 65?
Tamara Curtis: Have to go. Thank you
Tara: My daughter has money from her band set up in trust until shes 18 can i transfer the money from that trust to henson so it doesnt affect her odsp
Brittany: How much would an inheritance have to be before a Henson trust and doing all that work to preserve ODSP not make sense for best quality of life?
Jorunn Brit: But how long after I die will it take before my daughter receive hensen payment?
Alina Jacques: 10,000 is not enough to live on!
Chris: Can you direct your disabled adult child as a beneficary of your pension have the pension on your death have pension proceeds paid to the trust?
Sue and Mike: what if the funds from the Henson are being used for rent. Is that considered as a gift and fall within the $10k / year
Michelle: Is it better to have the Trust own the home then?
Paola: Can 1 Henson trust be 'shared' meaning I have 2 kids with a disability both on ODSP, do they need separate trusts or can a 'family' Henson trust be set up naming both those children as beneficiaries to the 1 Henson trust? Trustees and all else would be the same between the 2 of them.
Mary: What happens to the HEnson Trust after the beneficiary turns 65?
A.Shaw: So our kids have to live on $1,269 ODSP and $833 Trust = $2,033/month a month?? Except Disability Expense?
Amanda Collins: Can "The Trust" and the trustee (in my instance, my child without the disability) co-own a home?
Jack: Why is rent considered part of the 10000 limit if it is to cover the costs of where the person with disability is living?
Sue and Mike: asked earlier but might have been missed among all the comments : Is a TFSA an exempt assets for ODSP?
Pat: None of this is making sense if only $10k/yr can be withdrawn from Henson trust.
Bisola : Thank so much for this webinar Brendon and Anna.
Solomon: Can trustee be one of the beneficiaries of a Henson Trust?
matt: For housing, in effort of not disruption eligibility for ODSP. What are the options to make sure funds left behind can secure housing for the beneficiary.
Pat: Odsp and $10000 is not enough for our loved ones to live on :(
Kandi: Would an informal trust effect ODSP?
Paola: Thank you for addressing my questions
Jane: Can the turstee provide $40,000. out of the Hensontrust to the beneficiary and then manage the trust so the person on ODSP has some control over their money?
Kathy: Can GICs and RRSPs flow into Henson Trusts upon death.
Sue and Mike: Would payments for day programs be considered exempt from that $10k / year for ODSP?
Mary: What happens if you have a Henson Trust and the person with a disability needs to purchase a vehicle which will cost around 30K?
matt: would and RDSP contribution be considered related to the disability? and not count towards the 10K ?
Maria D - : Thank you - lost of information - and so many more questions - ODSP and 10,000k is definitely not enough for our loved ones to live on for sure. I am not clear purpose of the Henson Trust if only there so ODSP is not impacted?? What is maximum monthly amount person with disability can have access to in order to live on?
shanti: Can a Henson trust be desolved?
Anna: https://www.microboardsontario.com
jody: Thank you so much for these seminars and for answering so many questions - I always take away info that I didn't know before the seminar.
Suresh: Can the Henson trust provide a home, food and life support without actually paying out funds to the beneficiary and not be counted within the $10,000 per year limit.
Sue: Is money paid to beneficiary out of the RDSP considered a gift for purposes of ODSP $10K max?
Teresa: Very informative seminar! Thank you so much!
Tran: If i put in my will that i would like 50,000 to be pay out to my child with disability to hire PSW, would this affect his ODSP? Is this fund taxable?
Jorunn Brit: what was the name of the pro bono for disabled people?
Mikhail: If two people with ODSP use the same Henson Trust then will each of them be eligible for $10 000?
Paola: How can I register for the RDSP webcast?
Solomon: THANKS!
Sue and Mike: thank you very much for all the info
Ishumita Singh: Thank you so much!
Mary : Thank you again!
Brittany: Thanks! The life insurance tips were super helpful.
jan: thank you so much for your time
Heidi S: Please do one on mircroboards again! I was not able to attend the one in the fall.
Linda: Thank you so much!
Danny: Many thanks!
Michelle: thank you for all you do
MIKE: Thanks
Richard: great session! Thank you boh
Tara: Thank you both for such a great webcast
Barb Strain: Great information...thank you so much
Heidi S: Thank you!
Jane: Thank you so much!!
Dan: thank you very much for this session.
Antonia: Thank you
Pat: Thank you
Anita Vallis: thank you for all the information
Suresh: Thank you very much for the webcast.
Leanne: Thank you. So important
Maria D - : Thank you very much
Alina Jacques: Thank you very much
Jack: thanks
Heather: thank you
Karen: Thank you!
Mikhail: thanks
Rosario: thank you for the very informative session. 🙂
Jorunn Brit: Thanks!!
Pierre Legault: Thanks.
Hannah: Thank you so much. It was good info. Can we Re listen to this again?
Anna: Yes! you can relisten using the same link as of tomorrow