Special Needs Trust Attorney Woodland Hills, Mina Sirkin discusses the differences in Special Needs Trust for Woodland Hills California residents.
The type of special needs trust you create depends on the circumstances and the goals involved:
- Special Needs Trust for Inheritance Pre-Death Planning.
- Special Needs Trust for Inheritance Post-Death Planning.
- Special Needs Trust for Persons over 65 years of age.
- Special Needs Trust for Personal Injury and Other Litigation matters.
A. If a parent wants to create a special needs trust for the benefit of a child with a disability with the parents’ money, this type of trust is usually a third party trust.
B. If a child has inherited an asset of a parent, and the parent did not create a special needs trust, the type of trust to be created by the conservator or the child (if competent) is a first party trust, so long as the child is under 65 years of age.
C. Pooled Trusts can be very good alternatives for Woodland Hills residents where the inheritance has already come in and the beneficiary is over 65 years of age, or where there is not a suitable individual to manage the assets.
D. Court created trusts are normally for persons under 65 years of age and are generally first party trusts, both for inheritances and for personal injury settlement proceeds or judgments.
If you live in Woodland Hills or in the West San Fernando Valley, call Mina Sirkin, Special Needs Trust Lawyer to assist you with help in our Woodland Hills Office. Call 818.340.4479. To discuss special needs trusts or to have a free conservatorship evaluation, please call us. Our Woodland Hills Law Office serves Special Needs Trust families in Woodland Hills, West Hills, Canoga Park, Winnetka, Tarzana and Calabasas.
