A trust avoids probate and the costs and fees noted above. A trust administration is required under the law when you die, but it is much less expensive. A trust provides a plan if you lose capacity and provides a line of successors who may be in charge if you are unable to manage your own assets. A trust protects you from the risks of joint ownership and can be resolved more quickly and less expensively when you die.
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If the child is receiving, or may receive, means-tested public benefits like SSI or Medi-Cal (asset and income are counted), a special needs trust is the best way to plan for the child, and preserve the other public benefits which the child may rely on.
The laws are constantly changing. You should not sign an estate plan and stick it in a drawer to be pulled out only when you die. Circumstances change, and there are constant changes in the law. To ensure your estate plan is up to date, have an attorney take a look at it every two years or so, or any other time when there are changes of circumstances or changes in the law of which you are aware.
If your spouse is going into convalescent care, don’t listen to anyone other than a certified elder law attorney. The laws are in your favor and can be complicated but can be navigated by attorneys who know the laws. There are options for paying for care that do not involve selling your home or liquidating assets.
It always costs to get good advice. The less you pay, the more likely there is a catch, either the person may be incompetent, may not even be a lawyer, or may want to control your investments or other assets. We will sit down with you and tell you honestly what it will cost, with no sales pitch or pressure, and we will explain the benefit to you or your family. We have decades of experience to provide you with the best advice.
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