Oxnard Specials Needs Trusts Attorneys
Proudly Serving Clients Across Southern California
While most law firms create trusts that focus on the nuero-typical, here
at Kaiden Elder Law Group, PC, we are proud to be specialists in the creation
of trusts tailored specifically for the needs of special needs persons.
When deciding how to distribute your assets, you should include a special
needs trust to cover a loved one who might need help managing assets and/or
to retain important public benefits such as SSI and Medi-Cal. While parents
are alive, these concerns are generally handled by them. But after they
are gone, this becomes a real problem for those without proper planning.
Our Ventura County special needs trust attorneys are here to help you create
the right provisions to include in your special needs trust. We possess
an extensive understanding of public benefit laws and are equipped with
the resources you need to both draft and implement a special needs trust.
Kaiden Elder Law Group, PC proudly represents families and couples with
adult disabled children, as well as adults without legal capacity. Call
us today at (661) 306-2500 for a consultation.
Avoid Common Pitfalls with Proper Special Needs Planning
Many of the estate plans that our attorneys review fail to account for
the extraordinary circumstances of a beneficiary with special needs. In
fact, we’ve found that many estate plans leave inheritances to a
special needs person outright. This is never a good idea. Besides all
the problems that one can easily anticipate, leaving assets to a special
needs person is like leaving a gift to the government as those funds will
probably eventually need to pay back past public benefits received. And
that’s just the beginning of the potential problems.
Our goal is to help our clients avoid such negative results. While people
tend to assume that the trustee of such a plan should be a family member,
we know firsthand that a private professional fiduciary or corporate trustee
is usually the best person to serve as trustee of a robust special needs
trust. Family members are better suited as Trust Protectors, or the boss
of the Trust, so to speak.
A special needs trust should also include a “care manager”
who periodically checks in on the special needs individual and prepares
a “guide” outlining what it is that your special needs loved
one will need and want in the relatively near future. These professionals,
in turn, report to a “family member trust prtoector” who oversees
and coordinates their roles.
This checks-and-balances approach to special needs trust planning is the
cornerstone of any well thought out special needs trust plan.
FAQ: Special Needs Planning and Irrevocable Trusts
Question #1: Is a special needs trust the same as a revocable living trust?
A: If resources warrant it, the special needs trust we recommend clients
utilize is called a stand-alone special needs trust (as opposed to simple
special needs provisions in a revocable living trust). This type of trust
can do a lot more than simple special needs trust provisions contained
within a revocable living trust and really allows for your loved one to flourish.
Question #2: What is an irrevocable, stand alone special needs trust?
A: A stand alone irrevocable special needs trust is a robust legal tool that
incorporates a team of advocates - financial, social and familial - to
provide lifetime help for a special needs loved one.
Question #3: What is a qualified disability trust?
A: With a qualified disability trust, you can claim a tax exemption of up
to $4,300 in 2021 that isn’t subject to phase outs. Comprehensive
tax planning is just one of the complicated areas that needs to be addressed
when it comes to setting up a special needs trust.
If you would like to schedule a case consultation to discuss all of your
special needs planning concerns, please call (661) 306-2500 or contact us online