If you are the parent or grandparent of a child with special needs, you may decide to incorporate a Special Needs Trust into a special needs planning component within your comprehensive estate plan. If so, selecting the right Trustee for your Special Needs Trust (SNT) is a pivotal step in the process and can pose considerable challenges. Your chosen Trustee will have diverse responsibilities, including overseeing the SNT's day-to-day operations, dispensing funds to the beneficiary, managing … [Read more...] about Appointing a Trustee for a Special Needs Trust: Factors to Consider
Special Needs Trusts in California
When you become a parent, you truly begin to understand why estate planning is so important. If you are the parent of a child with special needs, you will undoubtedly feel a heightened sense of urgency when it comes to creating a comprehensive estate plan that will likely include a special needs trust. For those who are unfamiliar with these trusts, the Los Angeles special needs planning attorneys at Schomer Law Group, APC help you understand special needs trusts. Special Needs Trust … [Read more...] about Understanding Special Needs Trusts
If you are the parent of a child with special needs, the ability to protect your child both during your lifetime and after you are gone is undoubtedly a constant concern. When you create your estate plan you likely want to provide financial assistance for your child to ensure that he/she is financially secure after you are gone. Care must be taken, however, to ensure that your child will benefit from the financial assistance you gift. To help you get started, a Los Angeles special needs planning … [Read more...] about Understanding How a Special Needs Trust Can Provide for Your Child
When you discuss potentially challenging estate planning matters with an attorney from our firm, you will probably be pleasantly surprised when you become aware of the solutions. There are many different approaches that can be taken depending on the circumstances that exist. With this in mind, we will look at third party supplemental needs trusts in this piece. Government Benefit Eligibility A very significant percentage of people with disabilities rely on Medi-Cal as a much needed source … [Read more...] about What Is a Third Party Supplemental Needs Trust?
If you have a loved one with special needs, you may want to consider creating a special needs trust to help provide for their care. Special needs trusts are very useful because they allow those with special needs to maintain sufficient resources while protecting their eligibility for government benefits. There are many different ways to create and fund a special needs trust. Using a pooled trust in your special needs planning is one good option to consider. Let our trust lawyers explain the … [Read more...] about Trust Lawyers Discuss the Benefits of Pooled Trusts
A Special Needs Trust can be established during the lifetime of the caregiver, as well as, through the last will and testament. The trust becomes effective when it is signed and notarized by the grantor (the person creating the trust). A tax identification number is required from the IRS. Then a bank account can be opened with a minimum deposit. After that, the trust can be funded through a variety of estate planning tools. Topics covered in this report include: Defining Special Needs What … [Read more...] about Free Report: California Special Needs Trusts