They say that you should use the right tool for the right job. This comes into play when you are planning your estate. There are various different legal devices that can be used to arrange for the transfer of assets to others. You should become apprised of your options and make the optimal choices. With this in mind, let's look at special needs trusts. People With Disabilities & Medi-Cal People who have disabilities often rely on government programs, and Medi-Cal is one of them. Medi-Cal … [Read more...] about When Do I Need a Special Needs Trust?
Doing things on your own can be rewarding on a personal level. It can also save you money under the right circumstances. However, biting off more than you can chew can actually wind up creating a disaster. With this in mind, let's look at Medicaid (which is called Medi-Cal in California) , SSI, and special needs trusts in Campbell California. A Hypothetical Scenario Let's say that you buy into the sales pitches that you see online. You accept the premise that anyone can act as his or her own … [Read more...] about Medicaid, SSI, and Special Needs Trusts in Campbell California
Each family has a different dynamic, and this is something to take into consideration when you are planning your estate. With this in mind, if you have someone with a disability in your family you may want to consider the creation of a special needs trust. We would like to explain the value of a special needs trust by way of a simple example. Suppose you have a family member who has a disability. You want to provide something for this individual when you're planning your estate. Because … [Read more...] about What Is a California Special Needs Trust?
Positioning your assets optimally in anticipation of the future is certainly part of what estate planning is all about. However, you would also do well to consider the recipients of your estate. The best way to pass along resources to one family member may not be appropriate for the next. This is certainly true when it comes to family members with special needs. Some individuals with disabilities require expensive long-term care, and they may need it for extended periods of time. A year-long … [Read more...] about Improve Quality of Life Without Hindering Benefit Eligibility
Part of the process of inheritance planning will involve deciding who you would like to name to receive your estate assets. However, it is also important to consider the methods that you will use to arrange for the transfer of assets to the people who are on your list. If you just give direct inheritances to everyone that you want to include, you could be doing some family members a disservice. There are those who are really not ready to handle a large influx of financial resources, and some … [Read more...] about Use Caution When Including Person With Special Needs