El Monte Special Needs Trusts

An El Monte Special Needs Trust is an appropriate choice for families who want to ensure that they provide for their special needs children. While it may be tempting to leave money for children through a will or in a bank account, this could actually ruin a special needs child’s finances for years. This is because the government sees new money coming into a bank account as the child’s assets and will hold those against the child when determining whether he or she should receive supplemental income.

Choosing to set up an El Monte Special Needs Trust can help parents or guardians work around these confusing issues. They will be able to leave money to the trust when they pass on or can even begin depositing money into the trust immediately. Money in the trust can then be disbursed for the child’s needs when necessary without ever being transferred into the child’s bank account. Therefore, money used from an El Monte Special Needs Trust will not be seen as income by the government.

Legal Counsel in Handling El Monte Special Needs Trusts

There are a few tips to make the running of the trust go smoothly and to ensure that the child is protected legally as much as possible. First, the trust will need to have a trustee over it who will disburse the money. The trustee cannot be the child and should instead be someone that the family trusts. If there are no close family or friends that can become the trustee, a court can set up a disinterested third party as trustee.

However, the trustee will need to be careful how he or she uses the money in the El Monte Special Needs Trust. The money should never be given as cash to the special needs individual because this would be seen as income or liquid assets by the government. Instead, the money should be used to pay bills, purchase a home or car, pay for a vacation or provide another service or product that the special needs individual needs. While the money should be used for the individual, it should never be given as cash.

It can be difficult to know how to set up an El Monte Special Needs Trust. That is why we at Newman, Aaronson, Vanaman are around to help. With years of experience, we have the knowledge it takes to set up a legal trust quickly and easily.

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