Special Needs Trust Lawyer Roseville California
If you want to leave money to a child with a disability, you should speak to a special needs trust lawyer Roseville California residents trust. You want to ensure your child is taken care of financially after you’re gone. Here are some helpful tips for creating a special needs trust for your child.
Educate Yourself About Special Needs Trusts
Before you start a special needs trust for your child, it is important to fully understand what it all entails. A special needs trusts lets you put away money for the future care of your family member with a disability while still protecting their government benefits. To qualify for the government benefits, your child can’t have more than $2,000 in cash assets. A monetary inheritance can make the government take away these benefits.
Select the Right Trustee
The trustee is the person who will manage the money in the special needs trust and make disbursements that benefit the beneficiary. Being a trustee is a big responsibility, so you should be careful who you choose to fulfill the role. Ideally, a trustee should be empathetic, financially savvy, trustworthy and has a willingness to serve. If you don’t want a family member or friend to serve as a trustee, a trust attorney Roseville CA residents depend on suggests appointing a professional trustee.
Create a Letter of Intent
This letter is crucial to give to the caregiver or non-parent trustee of your special needs child. It should provide information about your child’s day-to-day activities, dietary restrictions, likes, dislikes, and more. The more information that is provided in the letter, the better your child will get taken care of.
Remember to Coordinate Other Family Members’ Estate Planning With Your Own
If you have any relatives that would like to list your child as a beneficiary of their estates, be sure that they put inheritances into the special needs fund that you created for your child. This way, they can avoid establishing separate special needs funds for your child.
Consider the Needs of Your Other Children
If you have other children, you’ll also have to think about how you’ll divide your assets among them. A special needs trust lawyer in Roseville California wants you to know that you don’t have to treat each child equally. It’s perfectly fine to set aside most of your assets to the child who needs more assistance.
Hire a Lawyer
Creating a special needs trust can be quite complex, so it is important to have someone with knowledge and experience on your side. Select an experienced special needs trust lawyer in Roseville California to assist you with the process.
If you want to establish a special needs trust for your child, schedule a meeting with a special needs trust lawyer in Roseville California today. Call Yee Law Group, PC.