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CALIFORN...
SPECIAL NEEDS TRUSTS
Trusts are Very useful estate
planning tools that provide a way to
save money and other property for a

chosen beneficiary
...
Some trusts have a particular
purpose,  such as providing future
support for a loved one with special
needs

1;.   SCIKJMI...
Your chosen trustee will hold and
manage the propemr,  making that
person responsible for seeing that
the terms of the tru...
DEFINING
 PECIAL  EEDS

N
“Specialt needs” is a broad term that

includes healthcare services,  as well

as,  a wide variety of medica1—re1ated
serv...
After the beneficiary’s medical
needs are taken care of,  the Special
Needs Trust can also provide
additional services,  su...
Providing relief for the primary
caregiver of someone with special
needs,  is also an important benefit

3;.   SCIIOMIZR LA...
WHAT IS A SPECIAL
NEEDS TRUST?
A Special Needs Trust is a Specific
type of trust,  the purpose of which

is to provide future care for a
disabled individu...
In the event a caregiver is unable to
continue caring from Someone with
Special needs,  the Special needs
trust will then ...
Special Needs Trusts are
irrevocable,  meaning they cannot be
canceled and the assets in the trust
are protected from cred...
Another benefit of a Special Needs
Trust is that it protects the trust
funds So they do not count as
financial assets for pu...
CATEGORIES OF SPECIAL
NEEDS TRUSTS
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There are two kinds ...
The General Support Special Needs
Trust is considered the primary
source of benefits for a disabled

individual

1;.   SCII...
The Supplemental Care Special
Needs Trust is most often the
secondary source of Support once
government benefits are exhaus...
The Supplemental Care Special
Needs Trust is the most common

type

3;.   SCIIOMIZR LAWGROUP

_ probate.  trusts.  estates...
WHAT TYPE OF TRUST
Do I NEED?
Determining the Correct  
Special Needs Trust requires
consideration of many issues, 

including to whom the assets belong...
If the assets and resources are likely
to be adequate,  then a General
Support Special Needs Trust is

likely the right ch...
Otherwise,  if need-based
government programs will be the
primary source of funding the
beneficiary’S Care,  then a
Supplem...
How IS A SPECIAL NEEDS
TRUST ESTABLISHED?
A Special Needs Trust can be
established during the lifetime of
the caregiver,  as well as,  through

the last will and te...
. ‘.‘>

‘; 
Va  ‘ A V  . 
‘Stir I . ' 

The trust becomes effective when it is signed and
notarized by the grantor (the pe...
1

A tax identification number is
required from the IRS

-‘: /‘V  SCIIOMIZR LAWGROUP

probate.  trusts.  estates

_, _‘: _.
Then a bank account can be opened
with a minimum deposit

3;,   SCIIOMIZR LAWGROUP

_ probate.  trusts.  estates A ' , l_I...
After that,  the trust can be funded
through a variety of estate planning
tools

3;,   S(‘ll()MtiR LAWGROUP

_ probate.  t...
WHO IS THE TRUSTEE OF
A SPECIAL NEEDS
TRUST? 

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' probate.  trusts.  estates

 

rm
1

-‘: /‘V  S(‘ll()MtiR LAWGROUP

Customarily,  grantors will name
themselves as trustee

probate.  trusts.  estates

_, _...
A Successor trustee Should also be
named to take over the trust in the
event the initial trustee becomes
incapacitated,  r...
Anyone who Serves as the trustee
will be legally obligated to follow
the terms of the trust document, 
which includes usin...
How To FUND A SPECIAL
NEEDS TRUST? 

.  ' St'IIo; I11-; R l. . (}}RotI>
' probate.  trusts.  estates

 

rm
A Special Needs Trust can be
funded by a parent,  relative or other
third-patty

1;  SCIIOMIZR LAWGROUP

_ probate.  trust...
It can also be funded with the
beneficiary’s own assets,  in which it

is considered a “Self-settled” Special
Needs Trust

...
Federal law requires that a Self-
settled Special Needs Trust
reimburse Medicaid for benefits
provided,  when the beneficiar...
PooLED SPECIAL NEEDS
TRUSTS

.  ' St'IIo; I11-; R l. . (}}RotI>
' probate.  trusts.  estates

 

rm
If the disabled individual is over the
age of 65, only a “pooled” Special
Needs Trust is available for a self-

settled tr...
A Pooled Special Needs Trust is
established through a non-profit
organization,  which pools together
the funds of several ...
Those combined funds are then
managed and invested by the non-
profit organization,  on behalf of all

of the beneficiaries
...
Any funds that remain when the
beneficiary dies are used for the aid
of others with disabilities

1;.   SCIKJMIZR LAWGROUP
...
A “THIRD-PARTY”
SPECIAL NEEDS TRUSTS

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' probate.  trusts.  estates

 

rm
A “third-party” Special Needs Trust, 
which is also funded with assets
from other beneficiaries,  is not
Subject to the Med...
All property remaining when the
beneficiary dies will be distributed
in the manner directed by the terms
of the trust

3;, ...
Another advantage of a third—party
Special Needs Trust is that there is
no age limitation or Specific
disability required

...
—, ..~;   SCHOMER LAW GROUP
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L,
If you have questions regarding
Special Needs Trusts,  or any other
Special Needs planning issues, 
please contact the Sch...
LEARN MORE ABOUT SPECIAL NEEDS
TRUSTS IN CALIFORNIA
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California Special Needs Trusts: What You Need to Know

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Trusts are very useful estate planning tools that provide a way to save money and other property for a chosen beneficiary. Learn more about California special needs trusts in this presentation.

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California Special Needs Trusts: What You Need to Know

  1. 1. 1 . -> L 4‘ - 1 _, / A. ._ i . ... ‘-‘. ; ' v . 1, ‘‘‘‘‘_: .L V , . . 3/ ' _'- . ‘v ‘ 0' W’ ‘M I "1 I . CALIFORNIA SPECIAL NEEDS TRUSTS What You Need To Know
  2. 2. SPECIAL NEEDS TRUSTS
  3. 3. Trusts are Very useful estate planning tools that provide a way to save money and other property for a chosen beneficiary 3;. SCIKJMIZR LAWGROUP _ pr0bz11c.1rus1s, cstalcs A ' , |_ I ___, -1.(r_7x—
  4. 4. Some trusts have a particular purpose, such as providing future support for a loved one with special needs 1;. SCIKJMIZR LAWGROUP _ pr0bz1te. trusts, estates A ' JJ ___, -fix)
  5. 5. Your chosen trustee will hold and manage the propemr, making that person responsible for seeing that the terms of the trust are fulfilled 3;. SCIKJMIZR LAWGROUP _ probate. trusts. estates A ' JJ aj
  6. 6. DEFINING PECIAL EEDS N
  7. 7. “Specialt needs” is a broad term that includes healthcare services, as well as, a wide variety of medica1—re1ated services meant to increase the beneficiary’s “quality of life. ” 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , |_ I ___, -1.(_r7x—
  8. 8. After the beneficiary’s medical needs are taken care of, the Special Needs Trust can also provide additional services, such as help with the activities of daily living 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A I _lEI I aj
  9. 9. Providing relief for the primary caregiver of someone with special needs, is also an important benefit 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(r_7x—
  10. 10. WHAT IS A SPECIAL NEEDS TRUST?
  11. 11. A Special Needs Trust is a Specific type of trust, the purpose of which is to provide future care for a disabled individual 1;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A I _lLI I aj
  12. 12. In the event a caregiver is unable to continue caring from Someone with Special needs, the Special needs trust will then provide the assets required to continue the necessary care 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I __, —1<r_7x—
  13. 13. Special Needs Trusts are irrevocable, meaning they cannot be canceled and the assets in the trust are protected from creditors or other judgments 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(r_7x—
  14. 14. Another benefit of a Special Needs Trust is that it protects the trust funds So they do not count as financial assets for purposes of eligibility for government benefits 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I __, -:. zx—
  15. 15. CATEGORIES OF SPECIAL NEEDS TRUSTS
  16. 16. 7J'~‘-J"; I I‘ . __A"‘—, .-7.. -j». ,' ‘ . 1 A -¢'- ,1», --A * . ’. / .1 1 ‘.1’ ~'_. _.. s;maE1- There are two kinds of Special Needs Trusts
  17. 17. The General Support Special Needs Trust is considered the primary source of benefits for a disabled individual 1;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A I _lLI I aj
  18. 18. The Supplemental Care Special Needs Trust is most often the secondary source of Support once government benefits are exhausted 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(_r7x—
  19. 19. The Supplemental Care Special Needs Trust is the most common type 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(r_7x—
  20. 20. WHAT TYPE OF TRUST Do I NEED?
  21. 21. Determining the Correct Special Needs Trust requires consideration of many issues, including to whom the assets belong and whether they will Cover the full cost of Support and care for the recipient 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A I _lLI I aj
  22. 22. If the assets and resources are likely to be adequate, then a General Support Special Needs Trust is likely the right choice 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(r_7x—
  23. 23. Otherwise, if need-based government programs will be the primary source of funding the beneficiary’S Care, then a Supplemental Care Special Needs Trust may be the proper Solution 3;, SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(_r7x—
  24. 24. How IS A SPECIAL NEEDS TRUST ESTABLISHED?
  25. 25. A Special Needs Trust can be established during the lifetime of the caregiver, as well as, through the last will and testament 3;, SCIIOMIZR LAWGROUP _ probate. trusts. estates A I _lLI I aj
  26. 26. . ‘.‘> ‘; Va ‘ A V . ‘Stir I . ' The trust becomes effective when it is signed and notarized by the grantor (the person creating the trust)
  27. 27. 1 A tax identification number is required from the IRS -‘: /‘V SCIIOMIZR LAWGROUP probate. trusts. estates _, _‘: _.
  28. 28. Then a bank account can be opened with a minimum deposit 3;, SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(r_7x—
  29. 29. After that, the trust can be funded through a variety of estate planning tools 3;, S(‘ll()MtiR LAWGROUP _ probate. trusts. estates A I , l_I I ___, -1.(r_7x—
  30. 30. WHO IS THE TRUSTEE OF A SPECIAL NEEDS TRUST? , ' St'IIo; I11-; R l. . (}}RotI> ' probate. trusts. estates rm
  31. 31. 1 -‘: /‘V S(‘ll()MtiR LAWGROUP Customarily, grantors will name themselves as trustee probate. trusts. estates _, _‘: _.
  32. 32. A Successor trustee Should also be named to take over the trust in the event the initial trustee becomes incapacitated, resigns, or dies 3;, SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(r_7x—
  33. 33. Anyone who Serves as the trustee will be legally obligated to follow the terms of the trust document, which includes using the properw only for the benefit of the person with special needs 1; SCIIOMIZR LAWGROUP A, -, '1' ' probate. trusts. estates A ' , l_I I _, _‘z_.
  34. 34. How To FUND A SPECIAL NEEDS TRUST? . ' St'IIo; I11-; R l. . (}}RotI> ' probate. trusts. estates rm
  35. 35. A Special Needs Trust can be funded by a parent, relative or other third-patty 1; SCIIOMIZR LAWGROUP _ probate. trusts. estates A I _lLI I ___, -fix)
  36. 36. It can also be funded with the beneficiary’s own assets, in which it is considered a “Self-settled” Special Needs Trust 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(_r7x—
  37. 37. Federal law requires that a Self- settled Special Needs Trust reimburse Medicaid for benefits provided, when the beneficiary dies, from the remaining property in the trust 3;. SCIIOMIZR LAWGROUP _ probate. trusts. estates A ' , l_I I ___, -1.(r_7x—
  38. 38. PooLED SPECIAL NEEDS TRUSTS . ' St'IIo; I11-; R l. . (}}RotI> ' probate. trusts. estates rm
  39. 39. If the disabled individual is over the age of 65, only a “pooled” Special Needs Trust is available for a self- settled trust 3;. S('H()MlZR LAWGROUP _ probz11c.1rus1s, cstalcs A ' , l_l l ___, -1.(r_7x—
  40. 40. A Pooled Special Needs Trust is established through a non-profit organization, which pools together the funds of several different beneficiaries 3;. S('H()MlZR LAWGROUP _ probz11c.1rus1s, estates A ' , l_l l ___, -1.(_r7x—
  41. 41. Those combined funds are then managed and invested by the non- profit organization, on behalf of all of the beneficiaries 1;. SCIKJMIZR LAWGROUP _ probate. trusts. estates A ' _lJ l _. _,-Z. ‘-ij
  42. 42. Any funds that remain when the beneficiary dies are used for the aid of others with disabilities 1;. SCIKJMIZR LAWGROUP _ probate. trusts. estates A ' _lJ l ___, -fix»
  43. 43. A “THIRD-PARTY” SPECIAL NEEDS TRUSTS ; ' St'l| (); ~Il-LR l. . (}}1<ot‘1> ' probate. trusts. estates rm
  44. 44. A “third-party” Special Needs Trust, which is also funded with assets from other beneficiaries, is not Subject to the Medicaid payback requirement 3;, S(‘ll()MtiR LAWGROUP _ probate. trusts. estates A ' , l_l l ___, -1.(_r7x—
  45. 45. All property remaining when the beneficiary dies will be distributed in the manner directed by the terms of the trust 3;, SCIKJMIZR LAWGROUP _ probate. trusts. estates A ' , l_l l ___, -1.(r_7x—
  46. 46. Another advantage of a third—party Special Needs Trust is that there is no age limitation or Specific disability required 3;, SCIKJMIZR LAWGROUP _ probate. trusts. estates A ' , l_l l ___, -1.(r_7x—
  47. 47. —, ..~; SCHOMER LAW GROUP "' , -‘_, probate, trusts, estates L,
  48. 48. If you have questions regarding Special Needs Trusts, or any other Special Needs planning issues, please contact the Schomer Law Group either online or by calling us at (310) 337-7696 3;, SCIKJMIZR LAWGROUP _ probate. trusts. estates A ' , l_l l ___, -1.(r_7x—
  49. 49. LEARN MORE ABOUT SPECIAL NEEDS TRUSTS IN CALIFORNIA
  50. 50. ’. .* C2,, '- u *4 , :~‘ 1.1 L, , V:‘. il”§p A A SCHOMER LAW GROUP probate, trusts, estates
  • ScottSchomer

    Jan. 29, 2016

Trusts are very useful estate planning tools that provide a way to save money and other property for a chosen beneficiary. Learn more about California special needs trusts in this presentation.

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