Leading Estate Planning Attorney Robert Brumfield Reveals Key Questions For Parents Considering Special Needs Trusts – Bakersfield, CA

Top estate planning attorney Robert H. Brumfield, founder of the Law Offices of Robert H. Brumfield, P.C. in Bakersfield, CA, lists three key questions parents who are considering special needs trusts should ask. For more information please visit https://www.brumfieldlawgroup.com

Bakersfield, CA, United States – January 29, 2021 /MM-REB/ —

In a recent interview, top estate planning attorney Robert H. Brumfield, founder of the Law Offices of Robert H. Brumfield, P.C. in Bakersfield, CA, has just revealed three key questions that parents who are considering special needs trusts should ask.

For more information please visit https://www.brumfieldlawgroup.com

When asked to comment, Brumfield said, “Setting up a special needs trust is complicated, but it could be the only solution for many families to ensure ongoing quality of life for their disabled children.

Brumfield continued by saying “Receiving an outright inheritance for a special needs person could result in loss of government benefits like Medicaid and Supplemental Security Income (SSI)”.

One of the most crucial questions that parents should ask, according to Brumfield, is what the trust will be used for.

“Special needs trusts allow your child to be eligible for much-needed government assistant programs while still receiving trust money. The money in the trust could be used on things not covered by government programs such as insurance, transportation, and equipment such as a customized van,” he said.

Funds set aside in a special needs trust could also be put toward further improving quality of life, such as activities like going to the movies or vacation or equipment like computers.

Another question to ask, Brumfield says, is how the parents plan to fund the trust.

When asked to elaborate, he commented, “The earlier the trust is created, the easier it will be to start putting money away. If both parents are healthy, then it might be a good idea to make the special needs trust the beneficiary of any life insurance policy or retirement benefits.”

“Parents with special needs children could also consider asking extended family and friends to leave gifts and inheritances to the trust,” he added.

Deciding on who will manage the special needs trust is also essential. “While you’re alive, you’ll be able to manage the trust, however, after passing, those responsibilities will fall onto someone else to ensure that your trust will be executed the way you want and intend it to be,” he commented.

Brumfield recommends, depending on the size and complexities of the trust, it might be a better idea to consider a neutral third-party such as a professional trustee or a team of advisors, instead of opting for family members to manage the trust. “Many people decide to put their other children in charge of the trusts, but this often leads to complications.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Website: https://www.brumfieldlawgroup.com

Source: MM-REB

Release ID: 88994838