Are you the parent, caregiver, or close family member of someone who receives benefits for a disability in the Sherman Oaks, California area? Do you wish to provide them with financial assistance without jeopardizing their eligibility for benefits?
If so, you may wish to consider establishing a special needs trust. A Sherman Oaks special needs trust attorney at the Law Offices of Andrew Cohen will gladly discuss options with you in greater detail.
If someone with a disability receives government benefits, financial need will often be a significant factor influencing their eligibility to receive benefits. Frequently, if a person owns more than a fairly low amount of assets, they may no longer qualify.
If owning an asset would disqualify a recipient from receiving important benefits, it may be necessary to place certain assets in a special needs trust. This allows a person to continue receiving benefits without forcing them to sacrifice assets.
In general, special needs trusts come in three forms in California. They are:
It’s important that the language in a special needs trust be precise. This will ensure the trust is established in accordance with relevant laws. If it isn’t, the beneficiary may no longer qualify for government benefits.
Essential rules to be aware of include the following:
Establishing a legally valid special needs trust isn’t a task you need to handle on your own. With assistance from a Sherman Oaks special needs trust attorney at the Law Offices of Andrew Cohen, you can be certain a qualified professional is setting up a trust that’s in accordance with the law. Learn more by contacting us online or calling us at 661-481-0100.