Sirkin Law Trust Estate Probate Litigation Attorney

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]

San Fernando Valley Ca Special Needs Trust Attorneys San Fernando

San Fernando Valley Ca Special Needs Trust Attorneys San Fernando

San Fernando Valley Ca Special Needs Trust Attorneys, Sirkin & Sirkin advise clients and personal injury attorneys on protecting public benefits such as SSI and Medi-Cal for  disabled adults and minors.  Obtaining litigation proceeds creates the risk of loss of public benefits such as Medi-Cal and SSI.

Unlike other types of special needs trust, a litigation special needs trust is made specifically for litigation proceeds.   The court normally determines the reasonableness of the proposed settlement and directs parties to disburse the proceeds to a special needs trust for the benefit of the disabled person or minor.   Minors' Compromise / Disabled Persons' Compromise proceedings are very complicated and create many risks to attorneys who have never dealt with public benefits.

Common cases where litigation proceeds may be ordered to a special needs trust:

1.   Personal Injury actions and Medical Malpractice litigation proceeds.

2.   Trust/Probate Litigation cases.

3.    Conservatorships involving injury to the Conservatee.

4.    Elder Law and Elder Abuse litigation proceeds cases.

5.   Any case were a disabled adult or minor may receive a judgment or settlement proceeds.

The main impediment in compromise actions is obtaining a bond for the trustee of the trust.   Contact our Special Needs Trust Attorneys in Los Angeles, and San Fernando Valley who can assist you in implementing the proper trust for the disabled adult or minor.

Before you settle an action and before you agree to a strutured settlement, call us to consult regarding the best vehicles in settlements of special needs adults and children.   

Mina Sirkin is a San Fernando Valley Ca Special Needs Trust Lawyer in Los Angeles, California.   Ms. Sirkin is a Board Certified Specialist Attorney in Trust Law by the State Bar of California.  Contact us by email at [email protected] or at 818-340-4479.   Offices in San Fernando Valley, Woodland Hills and Los Angeles, California.  Special Needs Trust Attorneys San Fernando Valley, Special Needs Trust Lawyers San Fernando Valley, San Fernando, Special Trusts, San Fernando Ca Special Needs Trust Attorneys Lawyers.