Santa Clara California Living Trust with Provisions for Disability

Name: Santa Clara California Living Trust with Provisions for Disability
Brand: US Legal Forms
Rating: 4.56 (377 reviews)

Category:

Trusts - Living Trusts

State:

Multi-State

County:

Santa Clara

Control #:

US-0651BG

Format:

Instant download

Description

A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.

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A Special Needs Trust (SNT) allows for a disabled person to maintain his or her eligibility for public assistance benefits, despite having assets that would otherwise make the person ineligible for those benefits.

A Disabled Person's Trust can be a way of ring-fencing assets for the beneficiary so that their means-tested benefits are not affected. A Trust can protect a disabled person who could otherwise be vulnerable to financial abuse or exploitation from others.

Disadvantages to SNT Cost. Annual fees and a high cost to set up a SNT can make it financially difficult to create a SNT The yearly costs to manage the trust can be high.Lack of independence.Medicaid payback.

Like all trusts, a special needs trust is organized around the people in three roles: a settlor (also called grantor) who creates the trust and provides the money. a beneficiary (the person with the disability), and. a trustee, who manages the money for the sole benefit of the beneficiary.

They must maintain sufficient monies to provide for the other needs of the trust beneficiary over her lifetime. Parental Obligation of Support. Parents have an obligation to support their children. Distributions from the special needs trust or personal injury award cannot be used to satisfy that obligation of support.

A Special Disability Trust can be a testamentary trust established through a will (that is, it does not come into effect until after the death of the person making the will).

In California, a special needs trust with assets around $600,000 could cost between $2,000 and $3,000. However, this is just a rough estimate. The actual cost could be less or more, depending on each client's specific situation.

Some of the benefits of utilizing an SNT include asset management and maximizing and maintaining government benefits (including Medicaid and Supplemental Security Income). Some possible negatives of utilizing an SNT include lack of control and difficulty or inability to identify an appropriate Trustee.

To be eligible to be a principal beneficiary of a Special Disability Trust, the person with a disability must meet the definition of severe disability. If you have a Special Disability Trust you may get a gifting concession and assets test assessment exemption.

A Special Disability Trust (SDT) is a special type of trust that allows parents and immediate family members to plan for current and future needs of a person with severe disability. The trust can pay for reasonable care, accommodation and other discretionary needs of the beneficiary during their lifetime.

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"After becoming parents this year, we realized the importance of estate planning and set out to set up a living trust. Norton Basu LLP provides smart estate planning solutions for those in and around Santa Clara.Call for a free consultation and see what we can do for you. In a revocable trust, the grantor retains control over the trust assets and can change the Trust during their lifetime. 1. Select residences also enjoy a private patio or balcony to extend your living space outdoors. The Sowards Law Firm is a boutique Silicon Valley law firm focused on Estate Planning, Wills, Trusts, Asset Protection, Estate Administration, and Business Law. Tenants pay about 30 percent of their income in rent, with the government making up the difference to the building's landlord. Instead of leaving assets directly to the disabled adult child, families can establish a "Third Party Special Needs Trust" in their living trust or wills. The family home is exempt provided the family lives in the home. In addition, some municipalities have additional restrictions that apply to community associations, such as San Francisco, San Jose and Santa Clara.

Santa Clara California Living Trust with Provisions for Disability

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