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trusts & trust administration Archives

Why special needs trusts can be beneficial

Special needs trusts may be an effective tool for parents or grandparents who are looking to care for a loved one. The trusts may be structured in a variety of different ways to help meet the needs of the beneficiary. Furthermore, the trust will be overseen by a trustee who will make decisions based on guidance provided by the document itself. This person may be a California resident or any other adult of sound mind.

Special needs trusts explained

California parents of special needs children understandably want to do everything possible to make sure loved ones unable to care for themselves independently will have access to important financial resources. However, setting funds aside presents possible issues with eligibility for government assistance. One way to resolve this problem for parents looking to plan ahead is with an estate planning tool known as a special needs trust (SNT).

Developing a comprehensive, current estate plan

For California residents who have substantial assets, it can be particularly important to plan for the future to help ensure that their heirs and loved ones are able to benefit from them. Making an estate plan is a key step, but it can be only the beginning. It is important to periodically review documents like wills and trusts every three to five years to make certain that they are accurate. In some cases, decisions made at different times can contradict each other or lead to family conflict. In other cases, the laws themselves may have changed, and a different configuration may be more beneficial.

Reasons to use a trust over a will

California residents and others may not like thinking about their own mortality. However, estate planning is an important way to ensure that loved ones are taken care of after a person passes. Typically, individuals use a will or a trust to distribute assets, and both can do a good job of meeting a person's needs. Prior to deciding which one to use, it is important to know the differences between the two documents.

Analyzing Lee Radziwill's estate plan

Those in California who follow politics or pop culture may have heard about the recent passing of Lee Radziwill. While many people mourn her death, her estate plan was designed to make it easier to respect her final wishes. She had a will that was probated in New York as well as a revocable trust. Her assets were transferred into the trust when she passed away.

The role of trusts in financial planning for special needs child

Parents of special needs children in California often turn to trusts to provide funds and security for their kids. Eligibility for government benefits often factors into these decisions because many people want to ensure that their children remain eligible for government programs. Frequently, trusts solve this problem because they can set aside money to help a special needs person while not inflating his or her income and assets.

Estate planning and hip-hop artists

California hip-hop fans may be aware of some of the trust and estate planning issues that have arisen after the death of some hip-hop artists. For example, XXXTentacion created a trust and a last will and testament in 2017. He was murdered a few months later, in June 2018. He made his brothers and mother his beneficiaries, but there was a rumor that an ex-girlfriend was pregnant by him. In such a case, it might be possible for a child born after a parent's death to challenge an estate plan.

Why it matters that Luke Perry had an estate plan

California residents and others have likely heard about the recent passing of actor Luke Perry. He died on March 4 of a stroke, which is incorrectly believed by some to be a condition that only elderly people are afflicted by. However, Perry had taken steps to create an estate plan prior to the stroke occurring. This allowed family members to decide to end care while in the hospital.

Trust options outstrip scientific advances for afterlife

People in California can make use of the flexibility of trusts to achieve many of their goals for after they pass away. While many people are aware of how trusts can be used to transfer funds to loved ones, support charitable contributions or establish ongoing support over generations, fewer may know that there are even more options that people can access by creating a relevant trust. For example, many people are interested in the idea of being frozen after death in the hopes that scientific technologies will later allow people to revived.

Revocable trusts as part of an estate plan

A revocable trust is not the only kind of estate planning document that California residents need. A will and powers of attorney that appoint people to manage health care decisions and finances if a person is unable to do so are also important. However, a revocable trust is a powerful document that can perform a number of different function as part of an estate plan.

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