Billionaire Oracle CEO Larry Ellison has never been shy about investing in the business ventures of his own two children. David Ellison and Megan Ellison used their trusts to launch Skydance Productions and Annapurna Pictures, becoming big names in the entertainment industry while amassing their own fortunes. While not every parent is able to match one of the world’s richest men when it comes to funding a trust, all parents should consider creating a trust to secure their child’s future especially if that child has any special needs. A special needs trust can help your children by offering them financial freedom while allowing them to continue getting the outside assistance that they may need.
Housing Assistance Eligibility
The ability to find and maintain safe housing is a problem that affects many adults with special needs. In recent years, California has struggled to help the state’s homeless population and studies have indicated that a significant percentage of homeless individuals suffer from some type of disability. There are numerous programs that specialize in providing safe accommodations and housing options to the homeless, but available income affects a person’s ability to qualify for assistance. Failing to establish a special needs trust could lead to your children losing access to subsidized housing that helps them live within their means.
Medical Assistance
Living with any type of disability is expensive since treatment usually requires a person to travel to multiple appointments, miss work to attend those appointments or when ill, and pay for medical related assistance. Medi-Cal and other forms of government assistance help those with special needs pay for their medical care. Leaving your children a large sum of money that they have immediate access to can disqualify them from receiving medical assistance through the state. Instead of being able to use their inheritance to supplement their living expenses, they will be forced to use that money for all of their expenses. Creating a special needs trust lets your children continue receiving assistance.
Extra Security
No one knows what the future may hold, so doing what you can to protect your children now may help them in the event of an emergency after you are gone. A special needs trust fund creates a safety net for your children that those who rely solely on state and federal resources simply do not have. Trust funds give adults with special needs a level of independence that allows them to live the life you want them to enjoy. It also helps them deal with financial or medical emergencies that government assistance cannot cover.
Get Advice
Planning for the long-term care of your loved ones with special needs is daunting, but it is necessary in order to keep them safe. Speaking to a special needs trust lawyer gives you an opportunity to learn more about your options and have your most pressing questions answered. The attorneys at MMZ Law realize how difficult this process can be and we are prepared to provide you with the legal advice you need. Contact us today to schedule an appointment at our Claremont, California office so that we can begin discussing your needs.
BROUGHT TO YOU BY:
MMZ LAW, A PROFESSIONAL CORPORATION
341 W. 1st St. Suite 100
Claremont, CA 91711
MARIVEL M. ZIALCITA is the founder of MMZ LAW, A Professional Corporation, where she practices in the areas of Elder Law – Medi-Cal Planning Asset Protection, Trust & Estate, Special Needs, Conservatorship, Trust Administration, & Probate. Ms. Zialcita is a frequent speaker on trust and estate matters and holds memberships in the State Bar of California, Trust and Estate Section, The San Bernardino County Bar Association, Wealth Counsel and Elder Counsel. She currently assists in the pro bono legal services program at the James L. Brulte Senior Center in Rancho Cucamonga, California. She is based in Claremont but assists clients throughout Southern California.
This information is educational information only and not legal advice.