Pick the Estate Plan that Works Best for YOU
Certainly, the decision to start an estate plan must be focused to your particular needs. For example, if you or a loved one is receiving government benefits you may require a different type of trust from a family who owns multiple real estate properties. In order to put together an estate plan that suits your needs you should consult with an attorney that specializes in estate planning. If you live in California, you should consult with a Los Angeles estate planning attorney.
Having an estate plan that suits your particular needs may actually protect benefits in certain circumstances. For example, a Special Needs Trust is drafted to protect the government benefits of individuals with disabilities. The necessity for a special needs trust may arise if a disabled person comes into a lot of money whether that's through inheritance or if they are awarded a large judgment or settlement. The special needs trust holds the disabled person's assets in trust so that they may still qualify for government programs such as Social Security Income or Medi-Cal and Medicaid. Be aware, it is crucial to have an experienced California estate planning attorney draft the special needs trust so that the disabled person still meets the financial criteria for the different government programs, while maintaining their assets in the trust.