How Your Estate Plan can take care of Dependent Parents

There are many ways to care for your parents as they enter their twilight years. You may chose to assist your parents by setting up a living trust, and name yourself as trustee to manage your parent's assets. Another option if you have parents who are dependent upon your income is to create a trust and name your parents as beneficiaries to that trust so you can give them some financial assistance.

You may draft something called a "Special Needs Trusts" if you'd like to purchase a large gift for your parents, a home, and do not want to burden them with the responsibility of arranging mortgage, property taxes and insurance payments, you can create a trust. Additionally, a special needs trust also works well if your parents are receiving some type of government assistance such as Medi-Cal or Supplemental Social Security. If you live in California and have further questions about estate litigation in California or Special Needs Trusts you should consult with a Los Angeles estate litigation lawyer.