McCoy Fatula, APCMcCoy
Fatula
Located in Roseville, CA
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Trusts Archives

Trusts can provide for special needs children

California families with special needs children understand and embrace the joys that such children can bring to their lives. Seeing the world through their eyes can be a gift, and most families would not change their family dynamic for anything. That said, there are certain challenges that a special needs child can face that will mean a lifetime of specialized care. Many families are concerned about what will happen when the parents are no longer able to provide that level of care. This is where special needs trusts can make a world of difference.

Careful estate planning may help survivors avoid complications

In California and throughout the United States, families often strive to help their parents, siblings and other immediate relatives avoid stress in life. Taking careful estate planning steps while one is still of sound mind helps to achieve this in the here and now, and quite possibly in the future, as well. Consequently, not doing anything to prepare a will or other documents regarding personal assets, inheritances or related issues might lead to complicated and stressful situations for loved ones when probate issues arise after a death.

Important facts when considering trusts in California

Most people in California have a basic understanding of what it means to execute a will. However, other areas of estate planning, such as trusts or advanced directives, tend to be a bit more complex and difficult to understand without legal guidance. Those who wish to craft as thorough an estate plan as possible may want to seek clarification on such issues before proceeding.

Establishing a trust on a budget

As with anything that involves legal help and your financial record, trusts require a financial commitment from the grantor to establish and make proper. As such, it was common for many people who were not particularly wealthy to skip over a trust and not even utilize what could be a critical part of their estate plan. Over the years, this notion has crumbled but there is still a financial commitment to make when establishing a trust.

Putting assets into a trust: how is it done?

As we have talked about many times before, establishing a trust is a great way to protect your assets and pass on your estate to your heirs and beneficiaries. There are a lot of steps you have to take to establish a trust, and you should be as well-informed on this topic before you try to implement a trust.

How you could change your irrevocable trust

As the name implies, once an irrevocable trust is created, the trustmaker can't revoke the trust or remove the property or asset from the trust. However, just because an irrevocable trust has been created doesn't mean that the terms and conditions of the trust can't be changed. Before we proceed down this path, though, you need to realize that not every situation is suited for changing an irrevocable trust -- and, in fact, depending on the circumstances, you may not even be able to change your irrevocable trust.

A special needs trust provides a lot for your family

As we have written about before, trusts are a critical piece to any estate plan. There are many different kinds of trusts that can be utilized, depending on the situation. One important scenario for many families all across the country is helping their special needs child when their estate is passed on to them. This is where a special needs trusts can come into play, and it has many benefits for the parties involved.

How a Trust Can Help a Child With Special Needs

Parents and grandparents with a special needs child are unfortunately faced with the ultimate realization they are not always going to be around to care for their child. As independent as there their child may be, there is often a need for ongoing special care. A trust can be a very helpful tool in ensuring that at the very least, your child will be financially secure even after you are gone.

How to tell your heirs about an estate plan

Creating an estate plan is a tremendous first step for you and your family. Updating your estate plan and ensuring it covers all of the crucial areas that compose your life is even more important. But what does it all mean if you have this estate plan and your heirs and beneficiaries are upset when the details of the estate plan come to light? What if they feel slighted by the estate plan?

The Basic Types of Charitable Trusts

Being able to give back to your community may be one of your estate planning goals and it is a commendable one. If you are looking for a legal instrument to help with charitable giving even when you are gone, a trust could provide that avenue for you. In California, charitable trusts and other types of charitable entities are governed under CA Code Sections 12580-12599.8. There are two basic types of charitable trusts.

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