Special Needs Trusts Glendale
Special Needs Trusts are categorized in several separate types:
1. Special Needs Trusts created with funds of Parents or Grandparents:
This type of trust is generally called a Third Party Trust, and sometimes referred to as a supplemental needs trust. It helps the disabled person keep their government aid, while the trust can pay for things which are supplemental to the help the government provides.
2. Special Needs Trusts created with inheritance, settlement proceeds, or judgments, belonging to the Disabled Person:
This type of trust is generally called a First Party Trust. This type of trust requires that Medi-Cal be repaid at the death of the disabled person with the remaining assets of the trust.
Disabled Persons' Compromises generally result in a first party Special Needs Trusts by Court Order, or a Court order for a pooled trust.
3. Pooled Trusts: Pooled Special Needs Trusts have a corporate fiduciary and can handle inheritances and litigation proceeds. They are generally used for persons over 65, but are not limited to that.
If you need more information regarding Special Needs Trusts in Glendale, Contact Mina Sirkin, 818.340.4479. Special Needs Trusts Glendale. Glendale Special Needs Trusts.
