Excellent coverage of the subject matter and your clarity and examples are greatly appreciated. Thank you for taking the time to provide this valuable information.❤
Good to see this is a family affair. You’re taking the time to show them and make them a part of something you deem worthwhile. That’s the part that differentiates dads👏
If my dad sets up a 3rd party SNT trust for me can he change the “distribution on death” recipient at a later point? Example: he has it being left to my brother upon my death, but my brother ends up passing away before I do.
Thanks for your question! It really depends on how the SNT is drafted. Sometimes we can build in that type of flexibility. Feel free to reach out to our office, along with your dad, and we can discuss this further.
Thank you - you have a very good explaining style and the table was very useful to picture the types of SN trusts (not material but there is a typo repeated in the table - should be except, not expect). Quick question: if i donate stocks and bonds to a SN trust, are the gains/interest tax free? In other words, can tax be a reason to fund the trust earlier (you said one doesnt need to fund it until he/she passes away). Thanks again!
OK I thought of a question: what qualifies a person for a special needs trust? For example, my sister has a horrible case of fibromyalgia and it’s completely disabled. She cannot work at all. She’s in her 40s and has tried to get disability multiple times, but cannot get it. Can my parents still set up a special needs trust even though she is not officially disabled??
Thanks for your question! For a typical 3rd party SNT in CA, the beneficiary does not need to be diagnosed as disabled by the Social Security Administration. I hope that helps!
Thank you very much for your great video. I have a question regarding Especial Needs Trust (SNT). If a child is receiving CDB, technically the disabled child can receive inheritance without affecting his/her CDB as the inheritance, though is Countable assets, is not earned. In that situation, is creating SNT for the child is really necessary?
That’s a great question, and I’m making a video on this topic soon. In that situation, the child may not need a SNT to protect his or her CDB and Medicare benefits, though the SNT can still be useful for protection against financial predators.
Excellent coverage of the subject matter and your clarity and examples are greatly appreciated. Thank you for taking the time to provide this valuable information.❤
Good to see this is a family affair. You’re taking the time to show them and make them a part of something you deem worthwhile. That’s the part that differentiates dads👏
Thank you. This was very helpful!
Thank goodness both my aunt kids
If my dad sets up a 3rd party SNT trust for me can he change the “distribution on death” recipient at a later point? Example: he has it being left to my brother upon my death, but my brother ends up passing away before I do.
Thanks for your question! It really depends on how the SNT is drafted. Sometimes we can build in that type of flexibility. Feel free to reach out to our office, along with your dad, and we can discuss this further.
Thank you - you have a very good explaining style and the table was very useful to picture the types of SN trusts (not material but there is a typo repeated in the table - should be except, not expect).
Quick question: if i donate stocks and bonds to a SN trust, are the gains/interest tax free? In other words, can tax be a reason to fund the trust earlier (you said one doesnt need to fund it until he/she passes away). Thanks again!
OK I thought of a question: what qualifies a person for a special needs trust? For example, my sister has a horrible case of fibromyalgia and it’s completely disabled. She cannot work at all. She’s in her 40s and has tried to get disability multiple times, but cannot get it. Can my parents still set up a special needs trust even though she is not officially disabled??
Thanks for your question! For a typical 3rd party SNT in CA, the beneficiary does not need to be diagnosed as disabled by the Social Security Administration. I hope that helps!
Hi- what is your email? Thanks!@@ellencookman-EstatePlanningSNT
Thank you very much for your great video. I have a question regarding Especial Needs Trust (SNT). If a child is receiving CDB, technically the disabled child can receive inheritance without affecting his/her CDB as the inheritance, though is Countable assets, is not earned. In that situation, is creating SNT for the child is really necessary?
That’s a great question, and I’m making a video on this topic soon. In that situation, the child may not need a SNT to protect his or her CDB and Medicare benefits, though the SNT can still be useful for protection against financial predators.
@@ellencookman-EstatePlanningSNT Many thanks for your reply. Looking forward to your future videos.