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Federal Levy Against Special Needs Trust

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Question: 
We have a client who has a special needs trust, of which we are the trustees. We were served a federal levy against the SNT. Should this be allowed?
Answer: 

This is a question for your bank's legal counsel.

My greatest concern is the fact that you say your bank is the "trustee." That is possible only if your bank has trust powers and it is highly unlikely that any bank so endowed would accept a fiduciary role in connection with this type of trust.

First published on BankersOnline.com 1/28/13

First published on 01/28/2013

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