Pooled Special Needs Trusts Lawyer in California
You or a loved one living with a disability may find that you're often dealing with financial challenges. Managing the expenses for long-term care, treatments, and necessary equipment is overwhelming. Additionally, having access to certain public benefits may be blocked if you've crossed an income or asset limit. That's where a Pooled Special Needs Trust comes into the picture.
What is a Pooled Special Needs Trust?
A Pooled Special Needs Trust is a special type of account. It allows people with disabilities to keep their money and belongings without losing their right to important help from the government, like Medicaid (healthcare) or extra money called Supplemental Security Income (SSI). These trusts pool together the resources of multiple beneficiaries, but each beneficiary has their own account within the trust.
These pooled resources are managed by a non-profit organization. They handle the administrative tasks, manage the investments, and distribute funds as per the needs of each beneficiary. The goal here is to enhance the quality of life for individuals living with disabilities.
Advantages of a Pooled Special Needs Trust
Having a Pooled Special Needs Trust in California has several benefits. One major advantage is that it allows individuals with disabilities to maintain eligibility for government benefits, even with the assets held in the trust. This is because the funds held in the trust are not counted towards the eligibility limit set by public benefit programs.
Another advantage is the management of funds. The non-profit organization that manages the trust ensures the funds are properly invested and administered. The trustee manages everything from paying bills to handling tax returns, reducing the administrative burden for the beneficiary or their families.
How to Set Up a Pooled Special Needs Trust in CA
To establish a Pooled Special Needs Trust in California, you'll need legal assistance to guide you through the process. This includes selecting the right trust, understanding the terms, and ensuring all requirements are met.
I can guide you through this process, explaining each step in simple, understandable terms. From discussing your unique situation and goals to drafting the trust agreement, I'll be there to make this journey as smooth as possible.
Choosing the Right Trustee
One of the critical aspects of setting up a Pooled Special Needs Trust is choosing the right trustee. The trustee should be someone trustworthy and experienced in managing trusts. As the trustee holds the power to manage the assets and make decisions on behalf of the beneficiary, it's crucial to make a careful selection. I can help you make an informed decision, providing you with options and explaining the role and responsibilities of a trustee.
Pooled Special Needs Trust Lawyer in CA
If you're thinking about setting up a Pooled Special Needs Trust in California, I can help. I'll work with you to create a plan that suits your individual needs and ensures a better quality of life for you or your loved ones.
If you’d like to learn more, I’d be happy to talk to you about it. Just reach out. I don’t bite, and your consultation is free. Call me today at (805) 307-7713 or contact me online for a free initial strategy session and get the help you deserve.