Caring for Your Parents: Special Needs Trusts
As you get older, roles change, and you think about how you can care for your parents in their golden years. One option is to create a Special Needs Trust for your parents. You can create a trust and name your parents as beneficiaries to that trust so you can give them some financial assistance.
Special Needs Trusts are often helpful in certain situations. For example, if you'd like to purchase a large gift for your parents, a home, and do not want to burden them with the responsibility of arranging mortgage, property taxes and insurance payments, you can create a trust. Further, you can appoint yourself as a trustee to oversee the large gift and administer it for your parent's benefit. Additionally, a special needs trust also works well if your parents are receiving some type of government assistance such as Medi-Cal or Supplemental Social Security.
If you have further questions about estate planning in California or Special Needs Trusts you should consult with a Los Angeles estate planning lawyer.