Torrance Special Needs Trusts can protect your special needs children from losing their supplemental incomes from the government after you are no longer there to protect them. At Newman, Aaronson, Vanaman, our attorneys understand that you have strong feelings about supporting your children or even another loved one who has been diagnosed with special needs. However, if you do not go about this in the right way, the individual could actually be worse off financially than they were before you left them money.
Helping Torrance Children with Special Needs
With a Torrance Special Needs Trust, you can set up a legal and manageable way to help your child pay bills as well as afford housing, transportation, and food while still allowing them to receive a supplemental income. Of course, you will also need to appoint a trustee to be over the trust, but this can be any person that you deem trustworthy enough to disburse money correctly or even a third party appointed by the courts.
Special Needs Trusts Help Families in Torrance
While the government does promise to support special needs children to some extent, the amount of supplemental income that the government provides is not even enough to keep the child above the federal poverty level. Additionally, the government puts several stipulations on the individual, such as that he or she can have no more than $2,000 in liquid assets. While furnishings and other assets do not count against this amount, the individual will not be able to hold money in any type of financial account. This is why a trustee must be named over the Torrance Special Needs Trust.