Estate planning, probate, wills, living trusts, POwer of attorney

Special Needs Trusts

A special needs trust is a trust created for minors or adults that have some special need due to such things as learning disabilities, physical disabilities, etc.

Special Needs Trusts Attorney Oeanside, CA

Do I Need A Special Needs Trust?

A special needs trust is a trust created for minors or adults that have some special need due to such things as learning disabilities, physical disabilities, etc. A person that is challenged such as this needs and is entitled to some level of protection. As you might imagine they may not be able or willing to handle their own affairs. This is where the trustee comes in and acts as a fiduciary to the beneficiary after the creation of a Special Needs Trust.

A special needs trust is a form of a trust and is usually established as an irrevocable trust. The main purpose of the Special Needs Trust is to prevent a disabled or aged beneficiary from losing benefits that are “asset sensitive”. Medi-Cal and SSI (Supplemental Security Income) are two examples.

These types of benefits are called means tested Public benefits and they require that the recipient fall below a certain income level to qualify to receive those benefits. If, for example, somebody receiving these benefits were to get an inheritance in the form of a large lump sum they may lose their ability to collect these benefits. Properly implemented, the Special Needs Trust will help protect the beneficiary. Of course, there are many other issues that need to be addressed with the estate planning attorney of your choosing. Please feel free to read more about Special Needs Trusts in my Blog, and as always, feel free to contact me for your California legal needs.

Why Is It Important To Establish A Special Needs Trust In San Diego For A Loved One With Disabilities?

A special needs trust is an essential tool for providing financial security and peace of mind to loved ones with disabilities. It is particularly important to establish such a trust if you or your loved one resides in the city of San Diego, as this can have significant implications on the management and distribution of assets.

San Diego is home to a large population of individuals with disabilities, with an estimated 13.6% of the city's residents living with a disability according to the latest census data. This means that there is a high likelihood that you or someone you care about may require financial assistance to meet their unique needs.

Contact us today to take advantage of our free 30-minute consultation. Estate planning can save both time and money in the long run compared to the alternative of probate. Further, proper estate planning that includes a Special Needs Trust for your loved one is a very effective way to care for and protect one with a special need.
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Our Practice Areas

Asset Protection

Asset protection is a crucial aspect of estate planning law in San Diego. It helps individuals and families safeguard their assets and property from potential threats. In this section, we will discuss the primary threats that asset protection aims to guard against.

Estate Planning

Estate planning is the process of planning for the management and distribution of a person's assets (such as property, investments, and personal belongings) after their death.

Probate

When someone dies without a proper estate plan, Probate is the process that the court will use in distributing the property, and figuring out who the property is to be distributed to.

Special Needs Trusts

A special needs trust is a trust created for minors or adults that have some special need due to such things as learning disabilities, physical disabilities, etc.

Wills

Estate planning is the process of creating a plan for how an individual's assets will be managed and distributed after their death.

Living Trusts

Whether you are a long-time resident or a recent transplant to sunny San Diego, setting up a living trust can provide peace of mind and protection for your assets.

Irrevocable Trusts

What is an Irrevocable Trust? Just that! Irrevocable. You can’t change it after it has been created. This sounds kind of scary, but it has some wonderful uses.

Power Of Attorney

A power of attorney is the means you use to have your affairs managed should you become unable to manage your own affairs.

Advance Healthcare Directive

You have both the right and the ability to make decisions about your own health care. Because of that, you may also allow another person to make these decisions for you.

Frequently Asked Questions

A Plan Built Especially For You

When it comes to wills, trusts, and other types of estate planning, no two situations are the same. This is why my most important job is to listen to what you want to achieve in order to advise you on the best plan possible. Each and every document of your estate plan will be prepared by a licensed attorney to ensure your wishes are properly achieved.

Once Again, Proof Positive! - A robust, superbly drafted Revocable Living Trust centered estate plan is a superior method to prevent loss of time and money, and achieve your desires.

Affordable Plans, Competitive Rates, and Peace of Mind

You do not have to trade sound professional legal advice for a reasonably priced will, trust, or complete estate plan. My law office offers packages that are affordable and competitively priced.

With so much riding on your decisions, you and your family cannot afford mistakes. An attorney, like myself, who practices estate planning is the only person who can properly guide you to ensure your wishes are carried out and give you the peace of mind that comes with a properly executed and implemented estate plan.

What Do I Get With an Estate Plan Prepared by William Daniel Powell?

You will get an affordable plan, at a competitive rate, and the peace of mind that comes with a plan built especially for you.

Your exact situation and desired distribution will dictate the means to be used, as well as the ultimate cost of the plan. However, every estate plan I create contains the Revocable Living Trust, Certificate of Trust, Trust Summary, Pour-Over Will, Durable Power of Attorney, California Advanced Healthcare Directive, funding instructions for various assets, and the funding of your residence with a new deed and Preliminary Change of Ownership Report prepared by my office to put the residence into your trust. All documents are attorney prepared, and all advice is given by an attorney.

Legal Zoom won’t help you with funding or provide legal advice on such a personal level! Further, I will review the estate plan I create for you every three years, upon your request, with you for no additional charge*. Moreover, I am more than happy to discuss future changes to your situation, or family situation, as they arise and how it may impact the plan I drafted for you, at no additional charge*.

*Modifications will be at an additional charge.

But If I Create A Revocable Living Trust, Will I Lose Control of my Property?

Absolutely not. Think of a Revocable Living Trust as a bucket. It is a bucket that you constructed, and one which you hold. You are free to put things into the bucket, and take them out whenever you like. In the event you become incapacitated, you can determine whom you would like to hold the bucket on your behalf. In the event of your passing, you determine how the bucket is to be poured out to your family and friends. Moreover, the bucket and its content are not public record.

What Does Probate Cost?

California Probate Code sets the rate currently as:

  • 4% of the first $100,000 of the gross value of the probate estate
  • 3% of the next $100,000
  • 2% of the next $800,000
  • 1% of the next $9 million
  • .5% of the next $15 million

Keep in mind that the value of the estate is based on the value of the asset, and not its equity. Therefore, if you own a home valued by the appraiser at $500,000 and you have a mortgage balance of $400,000 – the value is not $100,000 but the full $500,000. Also, for example, let’s say you also have other property such as accounts and a car or two (worth an additional $150,000) that raise the total value of the estate to $650,000.

So the attorney probate fees for the estate break down like this:

  • 4% of the first $100,000 = $4,000
  • 3% of the next $100,000 = $3,000
  • 2% of the remaining $450,000 = $9,000

For a total fee of $16,000

So given everything we know now, let’s see what the potential costs will be for a simple $650,000 estate. This can be any combination of probate property, but let’s say the home is $500,000 (not difficult in California) and an additional $150,000 in probate property. Please keep in mind that fees given are approximate and may vary by location, changes in laws, or other factors.

  • $400 Court filing fee
  • $650 appraisal fee
  • $150 publication fee
  • $16,000 attorney fees
  • $16,000 executor fees (potential)
  • $400 fee to file Petition for Final Distribution Total of $17,600 to $33,600

So you see that an average cost of $1,000 to $2,500 for a Revocable Living Trust Centered Estate Plan is far more affordable than the cost of a $10,000 to $30,000 probate.

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Estate planning to meet your goals

With information contained within this website about wills, trusts, and other estate planning instruments, clients will have a better understanding of the process and different methods of estate planning and will be better prepared to describe the goals they wish to carry out with their particular estate plan. This will help refine and streamline the process so that the client gets outstanding legal service without unnecessary costs. This will help Mr. Powell in his goal of forwarding the legal profession by providing excellent legal service and creating happy clients.

Customer Testimonials

As someone who helps the senior community for a living, I am always running across clients that need an estate plan or need their current trust updated. I always feel 100% comfortable referring Mr. Powell. He has always been a very thorough and kind professional to all of my clients that I have referred to him. They always are very complementary about him, his services and his rates. Just a good guy who is an estate attorney and can help with very important things. Give him a call.

Steve Korts

We hired William Daniel Powell to do an estate plan for us. Dan was professional, knowledgeable and extremely patient. For our convenience he conducted all meetings at our home. Dan stepped us through the entire process answering all of our questions as well as making suggestions. He provided a mobile notary and presented us with all documents in a bound folder. We are extremely pleased his service and reasonable fees.

B.G.

I contacted William in order to draw up some organizational agreements for our band. You know just the right questions to ask, and quickly and efficiently translated that into exactly the contract I was looking for. Very responsive, very friendly. I would definitely recommend.

Jason

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