What a Trust Can Do for You

 There are many different kinds of Trusts, and each serves a different purpose.  Trusts are not “one-size-fits-all” documents.  The appropriate type of Trust should be selected and designed only with the assistance of an experienced Elder Law/Estate Planning Attorney.  The Attorney should discuss your goals, your family issues, and design the appropriate Trust to help you meet your unique needs.
Although certainly not an exhaustive list, here are a few types of Trusts to consider:
Special Needs Trusts:  Parents who have Special Needs or disabled children must carefully plan for the time when they are no longer able to provide support and guidance.  Special Needs Trusts allow the disabled person to continue to receive SSI and/or Medi-Cal, while having a Trust for their benefit managed by a Trustee.  The Trust typically contains an inheritance from a deceased parent.
Asset Protection Trusts:  Seniors who have expensive care costs and need public assistance often benefit from Asset Protection Trusts.  These are irrevocable Trusts, which comply with complex VA and Medi-Cal rules.  They are unique and complicated trusts, and can save family homes, protect assets, and provide for the Senior needing care.
Revocable Living Trusts:  Most Californians who are homeowners will benefit from having a Revocable Living Trust.  These Trusts name successor Trustees who will manage assets if you are ill or incapacitated.  The named Trustee will also handle your estate should you die, without the intrusion, cost, and delay of the probate court.   These trusts can be designed in a variety of ways, and often include “sub-trusts” for children for management of inherited funds.
Mandatory Split Trusts:  These trusts appeal to many married couples who have children by prior marriages, or different intended beneficiaries.  Upon the first spouse’s death, the estate is “split” into sub-trusts for a variety of reasons, including estate tax minimization (or elimination), and protecting beneficiaries.
In addition to Trusts, supporting documents play a key role in your estate plan. Durable Power of Attorney documents, Advance Healthcare Directives, HIPAA releases, and other legal documents are designed to carry out your wishes, and manage your assets in the event of incapacity or illness.  Is it time for you to consider your options?
For an appointment, please call the McNamara Law Firm, PC, at 661-287-3260, or visit www.themcnamaralawfirm.com.