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Ellen Cookman - Special Needs Trust Attorney
เข้าร่วมเมื่อ 24 ต.ค. 2020
Ellen Cookman started Cookman Law in 2015 to help families of all shapes and sizes plan for the future and utilize available resources. Ellen is a Certified Specialist in Estate Planning, Trust & Probate Law from the California State Bar Board of Legal Specialization. She received her J.D. from UC Berkeley School of Law and her LL.M. in Estate Planning, Trust and Probate from Golden Gate University.
At Cookman Law, we are passionate about helping families with complex situations plan for the future. We believe that each family has unique needs, and their estate plan should be customized to meet those needs. Ellen Cookman started the firm in 2015, to provide broad estate planning services in the California Bay Area with a sub-focus on special needs planning.
Check out our website at:
cookmanlaw.com/
Subscribe to our newsletter at:
cookmanlaw.com/cl-blog/
Looking forward to connecting!
(650) 690-2571
At Cookman Law, we are passionate about helping families with complex situations plan for the future. We believe that each family has unique needs, and their estate plan should be customized to meet those needs. Ellen Cookman started the firm in 2015, to provide broad estate planning services in the California Bay Area with a sub-focus on special needs planning.
Check out our website at:
cookmanlaw.com/
Subscribe to our newsletter at:
cookmanlaw.com/cl-blog/
Looking forward to connecting!
(650) 690-2571
Understanding Marital Deduction, QTIP, and QDOT Trusts
When it comes to estate planning, the marital deduction is often an effective way to leave money to your spouse without triggering unnecessary taxes, but in a way that allows you to control what happens to the money after your spouse’s death.
This can be done effectively with the use of specialized trusts. There are, of course, restrictions on how these trusts can be used.
In this video, Ellen will discuss:
How the unlimited marital deduction works
Which situations might necessitate a QTIP or QDOT trust
How a QTIP trust works and who is eligible
How a QDOT trust works and who is eligible
How to potentially avoid additional gift taxes if your spouse is not a US citizen at the time of your death
If you are interested in creating a QTIP or QDOT trust to provide for your spouse, please contact our office. Our team will be happy to help you! cookmanlaw.com/talk-to-intake-team/
Timestamps:
00:00 - Intro
00:40 - How the unlimited marital deduction works
01:54 - When a QTIP Trust may be the right choice for you
02:24 - Requirements for a QTIP Trust
03:25 - Options when your spouse is not a US citizen
04:22 - How a QDOT Trust works
06:33 - How Cookman Law can help
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✅ Talk to our Intake Team👇👇
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✅ Please Subscribe to my channel I put out a new video every week →
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💥 Follow me on Social Media 💥
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LinkedIn: www.linkedin.com/in/ellen-cookman-jd-ll-m-88728b12/
Website: cookmanlaw.com/
Looking forward to connecting!
Please call or text with any Estate Planning questions: (650) 690-2571
The content of this TH-cam channel is provided for informational purposes only and is not intended to constitute legal advice. You should not rely upon any information contained on this TH-cam channel for legal advice. Viewing this TH-cam channel is not intended to and shall not create an attorney-client relationship between you and Ellen Cookman or Cookman Law, PC. Messages or other forms of communication that you transmit to this TH-cam channel will not create an attorney-client relationship and thus information contained in such communications may not be protected as privileged. Neither Ellen Cookman nor Cookman Law, PC makes any representation, warranty, or guarantee about the accuracy of the information contained in this TH-cam channel or in links to other TH-cam channels or websites. This TH-cam channel is provided "as is," does not represent any outcome or result from viewing of this channel. Your use viewing of this TH-cam channel is at your own risk. You enjoy this TH-cam channel and its contents only for personal, non-commercial purposes. Neither Ellen Cookman, Cookman Law, PC, nor anyone acting on their behalf, will be liable under any circumstances for damages of any kind.
© 2022 Cookman Law. All rights reserved.
#qtip #qdot #maritaldeduction
This can be done effectively with the use of specialized trusts. There are, of course, restrictions on how these trusts can be used.
In this video, Ellen will discuss:
How the unlimited marital deduction works
Which situations might necessitate a QTIP or QDOT trust
How a QTIP trust works and who is eligible
How a QDOT trust works and who is eligible
How to potentially avoid additional gift taxes if your spouse is not a US citizen at the time of your death
If you are interested in creating a QTIP or QDOT trust to provide for your spouse, please contact our office. Our team will be happy to help you! cookmanlaw.com/talk-to-intake-team/
Timestamps:
00:00 - Intro
00:40 - How the unlimited marital deduction works
01:54 - When a QTIP Trust may be the right choice for you
02:24 - Requirements for a QTIP Trust
03:25 - Options when your spouse is not a US citizen
04:22 - How a QDOT Trust works
06:33 - How Cookman Law can help
✅ Subscribe to our Newsletter to stay up to date!
app.lawmatics.com/forms/share/3944a0fd-07f7-4c4a-8138-9e32e51367bc
✅ Talk to our Intake Team👇👇
cookmanlaw.com/talk-to-intake-team/
✅ Please Subscribe to my channel I put out a new video every week →
th-cam.com/channels/qbqkvMjclxeAA2s7HPaWuA.html
💥 Follow me on Social Media 💥
Facebook: cookmanlaw/
LinkedIn: www.linkedin.com/in/ellen-cookman-jd-ll-m-88728b12/
Website: cookmanlaw.com/
Looking forward to connecting!
Please call or text with any Estate Planning questions: (650) 690-2571
The content of this TH-cam channel is provided for informational purposes only and is not intended to constitute legal advice. You should not rely upon any information contained on this TH-cam channel for legal advice. Viewing this TH-cam channel is not intended to and shall not create an attorney-client relationship between you and Ellen Cookman or Cookman Law, PC. Messages or other forms of communication that you transmit to this TH-cam channel will not create an attorney-client relationship and thus information contained in such communications may not be protected as privileged. Neither Ellen Cookman nor Cookman Law, PC makes any representation, warranty, or guarantee about the accuracy of the information contained in this TH-cam channel or in links to other TH-cam channels or websites. This TH-cam channel is provided "as is," does not represent any outcome or result from viewing of this channel. Your use viewing of this TH-cam channel is at your own risk. You enjoy this TH-cam channel and its contents only for personal, non-commercial purposes. Neither Ellen Cookman, Cookman Law, PC, nor anyone acting on their behalf, will be liable under any circumstances for damages of any kind.
© 2022 Cookman Law. All rights reserved.
#qtip #qdot #maritaldeduction
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How to Navigate IHSS in California with Caleb Wills
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10 Common Misconceptions About Estate Planning
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What good news? My mom gets 801 dollars a month gets no food stamps no help from the government. She's only getting 20 more dollars a month. What a damn crock!
Dollar for dollar, but the total income is reported at 50% of the gross, then there about 50 million deductions
Can we deduct interest on the mortgage payment from our gross income
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Where do we get the rule book ? I thought it goes like this:: Unearned income - $20. Then subtract $65 from your earned income ( if you had earned income). Subtract those from your SS INCOME. Then :::: divide what remains by two. That is the countable income.
Thank you for the information. Very helpful! Do you have any recommendations for someone looking to learn more about trusts? I may require a mixture of a couple to suit our specific circumstances.
I live in Minnesota. Can you discuss questions I have about my situation with regard to receiving a small inherence, in a family group of 7 siblings, as my mother's estate (parents will) is prepared to be settled in Carlton County? I am disabled, working part -time and as close as a few weeks😂 to having finally made it through the Met Council wait list, to actually be offered a real Housing Choice voucher (S8). I'm being urged to write a quit claim for my portion of the Estate, on the basis of being qualified for protection from harm, should the asset received cause the disruption of benefits from programs I am qualified to receive based on needs and very low income. Can you help me understand if a Special Needs Irrevocable Trust is my best way to retain my share of the 11-acre non -salable real estate?
How does this maintenance need change if they're in long term care? We just got a notice saying they're only going to be able to keep $35/ month. Is that right?
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I have a disability let’s see what happens
I've been disabled for 30 yrs from an accident in 1998 an I'm still only getting below the amount I should be come on we are living in poverty if u can't work u should get SSDI automatically instead of all the rif raf
Shame on politicians for thinking we can live on below 1000 a month who are they kidding
Most of my check goes to the rich landlord s
How come I'm not getting the 1180 a month
U know what's funny I've been on SSI for almost 30 yrs an if u calculate a increase for that long after getting the max at the time was 725 dollars , ok I'm now receiving $943 so how has it increased over 30 yrs do the math , I think we should at least get enough to pay our own house payment 1200 to 1500 a month right
What is the current ssi resource limits f I r 2025
I was on SSI low income but I was getting $943 a month they cut me down I took $307 for me saying I owe them the money I don't think so but something's got to be done they need to take shelter off of it
What if you have SSDI +medical, not SSI?
3. It is established by an individual. Here, the Beneficiary has the capacity to establish the Trust for his own benefit. Is that correct when I have limited conservatorship of my son (5powers) If it is wrong how to correct it when I already funded it.
3. It is established by an individual. Here, the Beneficiary has the capacity to establish the Trust for his own benefit. Is that correct when I have limited conservatorship of my son (5powers) If it is wrong how to correct it when I already funded it.
CALIFORNIA is not the place to live the rental apartment is more than a pay check you need two jobs and don't think about buying a car I live on the bus its to hard 😭 homeless 😭 help me GOD
Got raise of 64 dollars with rent is in the thousand dollars range you will be homeless 😂😊
Great relief for those with income just a bit above the poverty line. And yet it would be penalizing for those with very high income, for example $6000 a month for a couple and one of them needs long term care/nursing home in which MediCare does not cover. And LTC are very expensive in California. Anyways, very useful information. Thanks.
About a week or so ago, the DPSS didn't have any official info on this change (I checked). Thanks for the heads up and update!
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I have a few questions about my situation
My mom been paying her SoC for 10 months now 😢 Hopefully this new rules will help, especially her ihss.
Thank you so much for the updates ❤❤❤❤ see you next time handsome guy
California did not ratify the medical needs. I looked it up. It doesn’t change because of the budget surplus
Can I drop advantage plan and buy 184.00 drug plan and 100 dental plan and get original Medicare back.
HOW DID YOU GET THAT FIGURE, $1,843. WE ONLY GRT $943. BRONX, N.Y. AN THE ORIGINAL ITS RAUSED FROM $943. TO NEW RAISE : $967.
My son is only 7 but has ADHD/Autism and asthma. I meet the income requirements but I don’t know if I should apply or not? Would SSI be more appropriate to apply?
My relative is more than 65y/o has no work experience ever since he immigrated in the US few years ago. His spouse is the only one working for now. Is it possible for him to be eligible for SSI?
Also, my wife has an injury arbitation case going on right now for negligence. A slip and fall. I have no idea if she will win. Its not workers comp. Might not come to an end for another year, we have no idea. Do we need to mention it during the perc or will they already be aware of it? How should she handle this?
my wife has a perc coming up on Monday. I am already on ssdi. She got approved for ssdi and was enrolled into medicare by the ssa examiner last week on the phone. But now the ssi perc is Monday. She hasnt gotten the award letter yet for the ssdi/ssi. Is a 100k trustage term policy going to hurt her during the perc and her retirement account has nothing in it at all. We own our home and own 2 cars. My old farm truck thats worth about 350 bucks and then the family car. Will that count against her? Her claim is now at the Baltimore payment processing center. The truck is just in my name. I am worried that she will get denied for the ssi. Any tips or thoughts?
Can SSA with hold money for dividend checks that were never recieved? when the 1099 form shows negative income?
As someone on SSI.. not my choice. This video is insulting.. clearly from the perspective of thinking you know but you have no idea. All of these new changes are smoke and mirrors in reality.. you really have no idea..
if your special needs trust does NOT specify that it can fund an able account is that a concern? I thought the Trustee over the special needs person can then write a check into the Able account from the trust. Or is this verbiage critical? Thank you
Wrong
I live in Michigan
Why can't I a person of age 62 been on for over 20 yrs 1200 a month instead of the $943 I'm getting it doesn't work 943 doesn't pay the rent these days an I don't have 2000 a month or any other money
Is there a Canadian first part Trust or equailvent for those who live in Canada?
Unfortunately I’m not familiar with Canadian law. You should check with a special needs planner in Canada on this.
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Can my trust become the beneficiary?
Typically you can name a trust as a beneficiary of a retirement account
And it broke up about- "if they left you a residence thats not going to be lived at.....?? Could you please cliaify ?🙏🙏
Also I just get 1225 mo.
So , can i put an inheritance check into my own account? Im on SSDI & QMB medical ???
It looks like there’s an income limit for QMB Medi-Cal, so you’ll need to be careful that any income generated from your inheritance doesn’t exceed the income limit. SSDI typically doesn’t look at passive income.
This was confusing for me because some things seemed to refer to MAGI Medi-Cal and others to non-MAGI, but it was never specified. The annual maximum income for MAGI Medi-Cal is actually $20,783 in 2024 per the official DHCS site, and the asset limit for MAGI was $130,000 in 2023 before being eliminated in 2024.
THANK YOU FOR YOUR INFORMATION AND GBU EMANUEL AMEN AND AMEN ❤
Hi Ellen, Thank you for the video. I have a special need child and have not set up any trusts. Does it mean it is better to postpone buying a property until a trust is set up or it is ok to buy now then transfer it to the trust? Will that incur expensive costs like taxes, etc? What kind of trust should own the property? Thank you.
You can do this in any order - buy the house first then set up a revocable trust, or set up your trust first and then buy the house, or do both at once! You most likely would want a revocable trust to avoid probate, and then you can specify in your revocable trust that upon your death, the house goes to your child’s SNT