Torrance Special Needs Trusts

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.

Of course, a special needs trust does not only have to be used after the parent or guardian has passed away. Instead, a Torrance Special Needs Trust can be funded by any interested party, whether related or unrelated and can be used at any time. However, money from a trust is most often needed after parents or guardians have passed away because there is no one to continue supporting the child financially.

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.

When the special needs individual requires money, such as for paying rent or covering medical bills, the trustee will pay the bills for him or her. In this way, the special needs individual will not have additional liquid assets. Not only can a Torrance Special Needs Trust protect the supplemental income of the special needs individual, but also it can protect against mismanagement and financial abuse against the person.

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