Do you ever wake up with a sense of urgency to act on behalf of both the present and the future?
There are certain events in life that can trigger such existential crises. For many Americans, the pandemic was a wave that overwhelmed society economically, politically, and medically. Significantly shifting the way people choose to work, play, eat, and shop, families comprising members of all ages and income levels became filled with panic, grief, and worry.
Grocers, movie theatres, and restaurants—places symbolic of routine and mundanity became symbolic of morbidity through prescriptive and voluntary caution. Anyone and everyone was and still is vulnerable, even with measures including vaccination, social distancing, masking, and sanitization. Nothing is certain. Nothing is unimaginable.
It is this unpredictability that has pushed estate planning into the forefront of the minds of those in Orange County and the rest of the country. Demand has risen for legal counsel regarding trusts and wills, as people begin to recognize that “what if” scenarios are in fact real possibilities.
The coronavirus has spread rapidly in the U.S. and led to a skyrocketing demand for wills, even for those who aren’t senior citizens. What once appeared to be a scourge that was primarily affecting the elderly and those with underlying health issues has now been revealed to hospitalize and kill those who are younger, seemingly at an alarming rate. — Coronavirus leads to surge in wills: ‘Everyone is thinking about their mortality’ (ABC News)
Most, if not all, of us, are reluctantly aware that any day could be the last for us or for someone we love. It is also natural to become more concerned about one’s mortality when times are precarious. However, there are many Americans who must be vigilant of their health at all times, regardless of whether or not the world happens to be in a state of crisis.
People with special needs often require caretakers and personalized arrangements for transportation, food, sleep, hygiene, and more.
Many caretakers or guardians of individuals with special needs are the parents of the individuals. For parents that wish for their assets to be distributed after their death to their children with special needs, parents should ensure the arrangement of a special needs trust. Without legal arrangements, a special needs individual may be left at risk of being financially abused or exploited, or without the resources to survive, in the event that their caretaker dies or becomes incapacitated.
A special needs trust ensures that assets are allocated according to the wishes of the grantor in the best interest of the beneficiary, with no effect or reduction to their eligibility for government assistance. The benefit of a special needs trust is that the source of the funds may not be of the beneficiary unless the special needs trust is self-funded or first-person. This is especially important given the income and asset rules that dictate qualifications for public social programs.
If you have questions about arranging for a special needs trust, you can give Burris Law a call today.
488 S Glassell St, Orange, CA 92866