One very valuable type of estate planning instrument is a trust. Trusts can give you a method for holding and managing your estate assets for the benefit of your loved ones. With a trust, you have the chance to provide your own instructions regarding how your assets should be distributed and under what conditions. A trust is a particularly valuable tool for those with loved ones who have special needs. A California special needs trust is a specific type of trust used for this exact purpose. … [Read more...]
McDonald’s Employee with Down syndrome Celebrates 30 Years
A Placerville McDonald's just celebrated 30 years of employment for a very special employee. That special needs employee has Down syndrome. Customers at the Placerville McDonald's helped to surprise him at this celebration of his three decades of providing great service. His job is to "make sure everything is all cleaned," according to Voss. The best Lobby General in the business His job title is Lobby General and he is responsible for keeping the restaurant tidy. The customers have certainly … [Read more...]
Types of Trusts You Can Use for Special Needs
Trusts are very valuable estate planning tools that provide a way to hold and manage assets for the benefit of your loved ones. You have the opportunity to include your own instructions as to how the property should be distributed and under what circumstances. A trust is an especially valuable tool if you have a loved one with special needs. California special needs trusts are a particular type of trust used just for this purpose. If you are considering whether you need these types of trusts, … [Read more...]
Two California Infants Born with Zika-Related Birth Defects
The California Department of Public Health has reported that two infants were recently born in California with microcephaly, as a result of the Zika virus. This particular disease, which results in infants being born with a disproportionately smaller head and intellectually disabilities, has been linked to mothers who were infected with the Zika virus while pregnant. The virus is carried by a specific breed of mosquito and is transmitted to humans who are bitten. Infants born with defects … [Read more...]
Special Needs Trust Attorney Describes Types of Trusts Available
Trusts are very valuable estate planning tools that provide a way to hold and manage assets for the benefit of your loved ones. You have the opportunity to include your own instructions as to how the property should be distributed and under what circumstances. A trust is an especially valuable tool if you have a loved one with special needs. Special needs trusts are a particular type of trust used just for this purpose. If you are considering whether you need this type of trust, your special … [Read more...]
Is there a California Inheritance Tax?
Receiving an inheritance may be exciting for some, but stressful for others. There are many questions that arise when individuals get word that they are about to inherit from a loved one. The most common question is: will I have to pay an inheritance tax? Luckily, if you live in California, there is no California inheritance tax, but that is not true in every state. Here is what you need to know: What is inheritance tax? An inheritance tax, as the name implies, is a tax imposed by the … [Read more...]
SASSNA Provides Resources for Sacramento’s Children with Special Needs
Since 2011, Sacramento Autistic Spectrum and Special Needs Alliance (SASSNA) is devoted to ensuring the well-being of children with special needs in the Sacramento metropolitan area. Their "conceptual and practical interventions" are highly influential in increasing the quality of life for these young people. The history of SASSNA SASSNA is a California tax-exempt nonprofit corporation comprised primarily of families of mentally-diverse youth, professionals, mentally-diverse adults, and other … [Read more...]
Protecting Your Inheritance with Inheritance Planning
Getting the news that you have inherited money or property from a family member is usually a good thing. For some people, it may be more of a concern. If you receive income-based government benefits, you may be concerned that your benefits will be in jeopardy if you receive a significant inheritance. For instance, if you receive Medi-Cal or Supplemental Security Income (SSI), you assets must not exceed a certain amount in order for you to remain eligible. If that's the case, you need to … [Read more...]
Isn’t a Trust Just a Glorified Will?
People sometimes assume that a trust is a somewhat glorified legal device that accomplishes the same thing that a will would accomplish. In fact, there are different types of trusts. Trusts can satisfy objectives that a will would not satisfy. Let's look at some of these scenarios. Estate Tax Exposure The federal estate tax is a legacy threat to high net worth families. This tax carries a 40 percent top rate, so we are talking about a very significant level of taxation. The good news is … [Read more...]
THE ABLE ACT: New Financial Planning Tool for the Disabled.
In 2014, Congress passed a new law that will change the lives of millions of people living with disabilities. Achieving a Better Life Experience, otherwise known as the ABLE Act will allow those living with disabilities to establish tax-exempt savings accounts that will not be counted against them when qualifying for government assistance, such as Medi-Cal and SSI. In the past, disabled persons were limited to no more than $2,000 in assets in order to qualify for these assistance programs, … [Read more...]
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