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Why is Special Needs Trust Administration Important in the San Fernando Valley? Management of a Disabled Person's Funds

Administration Of Special Needs Trusts in the San Fernando Valley

Do you need special advice about the management and administration of a special needs trust in the San Fernando Valley?  Our lawyers have over 27 years of experience advising trustees about special needs trust administration. Mina N. Sirkin advises residents of San Fernando Valley who are normally Special Needs Trust parents and grandparents about the details of administration and planning for a special needs trust in the San Fernando Valley.

Special Needs Trust administration is very important because the trustee has a fiduciary duty owed to the beneficiary and must exercise complete loyalty to the beneficiary, along with the exercise of discretion in spending.  Mistakes in how the money is expended can not only result in liability, but can result in the loss of government benefits.

Top 10 Tips in Administering Special Needs Trusts:

1. Set up a Trust file, and read it several times.
2. Create a trust inventory.
3. Carry adequate insurance.
4. Contact a financial advisor who is familiar with the Prudent Investor Rule.
5. Have an accountant do your accounting.  Have him/her set up a quarterly upload of the trust's financial statements so you do not have to rush at the end of the year, or at the time of accounting.
6. Communicate with the beneficiary, if possible.  If a beneficiary cannot communicate, talk to caregivers, conservators and other family members to get updates of on how the beneficiary is doing at least once every two months. 

Attorney Mina N. Sirkin has helped thousands of San Fernando Valley residents in administering special trusts.  Ms. Sirkin is a California Board Certified as a Specialist attorney in Trust law by the State Bar of California and regularly writes about special needs trusts administration and formation.  Contact: 818.340.4479 and [email protected]

Do you need special advice about the management and administration of a special needs trust in the San Fernando Valley?  Our lawyers have over 27 years of experience advising trustees about special needs trust administration. Mina N. Sirkin advises residents of San Fernando Valley who are normally Special Needs Trust parents and grandparents about the details of administration and planning for a special needs trust in the San Fernando Valley.

Special Needs Trust administration is very important because the trustee has a fiduciary duty owed to the beneficiary and must exercise complete loyalty to the beneficiary, along with the exercise of discretion in spending.  Mistakes in how the money is expended can not only result in liability, but can result in the loss of government benefits.

Top 10 Tips in Administering Special Needs Trusts:

1. Set up a Trust file, and read it several times.
2. Create a trust inventory.
3. Carry adequate insurance.
4. Contact a financial advisor who is familiar with the Prudent Investor Rule.
5. Have an accountant do your accounting.  Have him/her set up a quarterly upload of the trust's financial statements so you do not have to rush at the end of the year, or at the time of accounting.
6. Communicate with the beneficiary, if possible.  If a beneficiary cannot communicate, talk to caregivers, conservators and other family members to get updates of on how the beneficiary is doing at least once every two months. 

Attorney Mina N. Sirkin has helped thousands of San Fernando Valley residents in administering special trusts.  Ms. Sirkin is a California Board Certified as a Specialist attorney in Trust law by the State Bar of California and regularly writes about special needs trusts administration and formation.  Contact: 818.340.4479 and [email protected]

Administration of Special Needs Trusts in Woodland Hills

Do you need advice about administration of a Special Needs Trust in Woodland Hills?  Our lawyers have over 26 years of experience advising trustees about special needs trust administration. Mina N. Sirkin advises Woodland Hills parents and grandparents about the details in preparing a special needs trust in the San Fernando Valley and Los Angeles areas.

Top 10 Tips in Administering Special Needs Trusts:

1.  Set up a Trust file, and read it several times.
2.  Create a trust inventory.
3.  Carry adequate insurance.
4.  Contact a financial advisor who is familiar with the Prudent Investor Rule.
5.  Have an accountant do your accounting.  Have him/her set up a quarterly upload of all of  the trusts financial statements so you do not have to rush at the end of the year.
6.  Communicate with the beneficiary, if possible.  If beneficiary cannot communicate, talk to  caregivers, conservators and other family members to get updates of on how the  beneficiary is doing at least once every two months. 

Attorney Mina N. Sirkin has helped thousands of Woodland Hills residents in administering trusts.  Ms. Sirkin is a California Board Certified as a Specialist attorney in Trust law by the State Bar of California, and regularly writes about special needs trusts administration and formation.  Contact: 818.340.4479 and [email protected]

Special Needs Trust in Woodland Hills San Fernando Valley Attorneys Lawyer Attorney Lawyers

Special Needs Trust Woodland Hills San Fernando Valley Ca Attorneys

Special Needs Trusts Protect Special Needs Parents and Kids in San Fernando Valley and Woodland Hills Ca

For children and adults who receive  public benefits or Medi-Cal benefits, Special Needs Trusts serve a valuable tool in preserving assets needed to care for them in the future.   If a child is eligible to receive benefits in the future, a Special Needs Trust becomes an essential part of a parent's estate plan in protecting the minor disabled or adult disabled child.  This type of trust may be created as part of the parents' or grandparents' estate plan.   It is available both as a revocable trust and an irrevocable trust.  If you are a parent or grandparent of a special needs child or adult, you must consider this valuable tool in protecting the disabled person.  Leaving assets directly to a disabled person or child may disqualify them from certain public benefits.  

Create a Special Needs Trust to Supplement Needs of the Disabled Child or Parent

Forming a third party Special Needs Trust is just one of the techniques which provide supplemental help to a person receiving government benefits.   Supplemental or Special Needs trusts enable the trustee to use trust funds to supplement and aid a disabled person, without ever disqualifying them from SSI and Medi-Cal benefits.  Make an appointment with our Medi-Cal planning attorneys in San Fernando Valley to address your Medi-Cal questions. 

A first party Special Needs Trust is one type of trust which is used for assets of the disabled person, and in litigation and settlement planning for a disabled person.  This type of trust allows the disabled person or child to keep the settlement proceeds and the public benefits.

Caring for your special needs child or parent

Families with special needs members often struggle over many decisions involving the future of the special needs person.   We are here to preserve assets and government benefits and can guide you as to your choices in caring for the disabled.  Comfort and care can be provided with a Special Needs Trust for your disabled child or your parent.

Mina Sirkin is a Special Needs Trust Attorney in Woodland Hills, Ca.  Ms. Sirkin is a Certified Specialist Lawyer in Estate Planning, Probate and Trust Law by the State Bar of California.  Special Needs Trust Woodland Hills Ca.  Our San Fernando Valley lawyers are here to assist you with your special needs trust questions in Woodland Hills California. Call us at 818-340-4479.  [email protected].

If you are looking to protect a special needs person and need inheritance advice regarding a disabled child or disabled parent, please feel free to contact us above.

 

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