Diamond Bar Estate Planning Attorneys Help Your Loved Ones Thrive with California Special Needs Trusts
If you have a loved one with special needs, it is likely important to you to ensure that they have their material needs met at all times, even after you’re no longer around to provide for those needs. While there are public benefits available to those with special developmental or physical needs, these benefits rarely provide sufficient funds for someone who may have high medical and therapeutic costs to live comfortably. That said, while you may want to offer support to your disabled love one, you may not be able to afford the full costs of their care, but with excessive cash on hand, your special needs family member may be rendered ineligible for public assistance.
Legal help for special needs trust creation
Fortunately, special needs trusts can bridge the gap to ensure that your loved one is financially comfortable while still able to take advantage of public entitlements. A skilled California wills & trusts attorney can help you create the trust structure that meets your family’s needs. Contact the compassionate, knowledgeable, and experienced Diamond Bar special needs planning attorneys at Blasser Law for a consultation on your family’s unique situation.
Third-party special needs trusts provide a superior alternative to a direct gift
You may think that, by leaving a substantial gift to a loved one with special needs in your will, you’re doing something helpful to provide for them. However, an outright gift of cash or very valuable assets could threaten their eligibility for public benefits. By placing those assets in a third-party special needs trust, your loved one will, through a trustee, have funds available to them to help them afford expenses such as in-home medical assistants, education expenses, home furnishings, physical therapy, out-of-pocket medical expenses, and even vacations.
First-party trusts allow disabled persons to retain funds
In some cases, the person with special needs may have their own assets, such as from a personal injury award. Persons with special needs can retain these funds without losing benefit eligibility by creating a first-party special needs trust. Upon the conclusion of the trust or death of the trust beneficiary, state and federal authorities must receive notice, and are entitled to recover an amount equal to the cost of medical services provided if funds remain in the trust.
Comprehensive Estate Planning Attorneys for Special Needs and More in Diamond Bar and Los Angeles County
Get help creating a safety net to support your loved ones with special needs in California by contacting the experienced and dedicated Diamond Bar estate planning attorneys at Blasser Law for a consultation, at 909-843-6363.