ESTATE LAW
Patricia L. Andel, Esq. | Law Office of Patricia L. Andel, a Professional Corporation
Q. How can a disabled family member inherit from me without jeopardizing the disabled person from qualifying for public assistance?
A. A properly structured special needs trust ("SNT") allows a disabled person to have access to family funds without being disqualified from federal and state public benefit programs. Such trusts generally are funded upon the death of the donor and typically are drafted as part of a living trust, although a stand-alone trust document can be drafted and structured to receive gifts from several donors.
Assets that can be owned by the SNT include real property, personal property, cash, stocks and bonds. Moreover, the SNT can be named as a beneficiary of life insurance policies. The trustee of the SNT will have full discretion to determine how to best utilize the funds to supplement the basic benefits provided from government public assistance agencies.
The SNT is drafted so that the inherited funds will not be considered as belonging to the beneficiary in determining eligibility for "needs-based" or "means-tested" public benefits; rather, the trust itself holds title to the property for the benefit of the disabled beneficiary.
"Needs-based" public benefits include SSI, Medi-Cal, IHSS (in-home support services), and Section 8 housing.
"Special needs" are defined broadly and include anything necessary to maintain the beneficiary's health, safety, and well-being when such benefits are not provided by public assistance agencies. These needs include rehabilitation/training programs, education, entertainment, recreation, social outings, vacations, home repairs/improvements, cleaning/laundry services, telephone, television, internet, computers, adaptive equipment, companion services, home health aides, personal hygiene, furniture, clothing, cigarettes, transportation, legal advice, burial expenses and certain medical needs not covered under Medi-Cal.
Proper estate planning with the SNT will balance family resources with those available from public agencies, enhancing the beneficiary's quality of life without jeopardizing the receipt of valuable public assistance.
Andel can be reached at [email protected]
BUSINESS LAW
Ian McDaniel | The McDaniel Firm
Q. What are the filing and record-keeping requirements for my corporation?
A. There are numerous filing and record-keeping requirements for California corporations. In this space, I will only discuss the basic filing and record-keeping requirements related to the corporate form. In addition to the following, corporations must comply with securities laws and regulations, state and federal tax codes, and other state and local laws.
The articles of incorporation are the first document typically filed with the secretary of state. Within 90 days of the date on which the articles of incorporation are filed, the corporation must file an initial statement of information. A statement of information must be filed annually thereafter. Publicly traded corporations are subject to additional filing requirements. Other corporate acts, including merger, conversion, and dissolution, must be accompanied by a filing with the secretary of state.
A California corporation is required by the California Corporations Code to maintain certain records of its internal proceedings and governing documents at its principal executive office.
These records are the corporation's bylaws, minutes of shareholders' and directors' meetings and actions by written consent. The directors and shareholders of many corporations choose to act by written consent, rather than holding a formal meeting of directors or shareholders.
Whether actions by shareholders or directors are approved by resolution at a meeting or by written consent, a written record of the action must be maintained by the corporation.
A record of all of the shareholders, along with each shareholder's name, address and the number and classes of shares held, must be maintained at the corporation's principal executive office. The record of shareholders may be kept in written form or a form capable of being convertible into clearly legible tangible form.
An attorney with experience in this practice area can help you ensure that your records and filings comply with the law.
McDaniel can be reached at [email protected]
Patricia L. Andel, Esq. | Law Office of Patricia L. Andel, a Professional Corporation
Q. How can a disabled family member inherit from me without jeopardizing the disabled person from qualifying for public assistance?
A. A properly structured special needs trust ("SNT") allows a disabled person to have access to family funds without being disqualified from federal and state public benefit programs. Such trusts generally are funded upon the death of the donor and typically are drafted as part of a living trust, although a stand-alone trust document can be drafted and structured to receive gifts from several donors.
Assets that can be owned by the SNT include real property, personal property, cash, stocks and bonds. Moreover, the SNT can be named as a beneficiary of life insurance policies. The trustee of the SNT will have full discretion to determine how to best utilize the funds to supplement the basic benefits provided from government public assistance agencies.
The SNT is drafted so that the inherited funds will not be considered as belonging to the beneficiary in determining eligibility for "needs-based" or "means-tested" public benefits; rather, the trust itself holds title to the property for the benefit of the disabled beneficiary.
"Needs-based" public benefits include SSI, Medi-Cal, IHSS (in-home support services), and Section 8 housing.
"Special needs" are defined broadly and include anything necessary to maintain the beneficiary's health, safety, and well-being when such benefits are not provided by public assistance agencies. These needs include rehabilitation/training programs, education, entertainment, recreation, social outings, vacations, home repairs/improvements, cleaning/laundry services, telephone, television, internet, computers, adaptive equipment, companion services, home health aides, personal hygiene, furniture, clothing, cigarettes, transportation, legal advice, burial expenses and certain medical needs not covered under Medi-Cal.
Proper estate planning with the SNT will balance family resources with those available from public agencies, enhancing the beneficiary's quality of life without jeopardizing the receipt of valuable public assistance.
Andel can be reached at [email protected]
BUSINESS LAW
Ian McDaniel | The McDaniel Firm
Q. What are the filing and record-keeping requirements for my corporation?
A. There are numerous filing and record-keeping requirements for California corporations. In this space, I will only discuss the basic filing and record-keeping requirements related to the corporate form. In addition to the following, corporations must comply with securities laws and regulations, state and federal tax codes, and other state and local laws.
The articles of incorporation are the first document typically filed with the secretary of state. Within 90 days of the date on which the articles of incorporation are filed, the corporation must file an initial statement of information. A statement of information must be filed annually thereafter. Publicly traded corporations are subject to additional filing requirements. Other corporate acts, including merger, conversion, and dissolution, must be accompanied by a filing with the secretary of state.
A California corporation is required by the California Corporations Code to maintain certain records of its internal proceedings and governing documents at its principal executive office.
These records are the corporation's bylaws, minutes of shareholders' and directors' meetings and actions by written consent. The directors and shareholders of many corporations choose to act by written consent, rather than holding a formal meeting of directors or shareholders.
Whether actions by shareholders or directors are approved by resolution at a meeting or by written consent, a written record of the action must be maintained by the corporation.
A record of all of the shareholders, along with each shareholder's name, address and the number and classes of shares held, must be maintained at the corporation's principal executive office. The record of shareholders may be kept in written form or a form capable of being convertible into clearly legible tangible form.
An attorney with experience in this practice area can help you ensure that your records and filings comply with the law.
McDaniel can be reached at [email protected]