Getting There

FINANCIAL GUIDANCE
FOR YOUR LIFE JOURNEY

Engaging a Fiduciary for your Dependent Adult Child

Engaging a Fiduciary for your Dependent Adult Child in CA

Embracing the Future with Confidence

At Gates Pass Advisors, we find that many prospective clients tell us with some trepidation, “My family situation is a little unusual.”  I always smile a bit to myself as I think just about all our clients’ family situations are a ‘little unusual’ in one way or another—including my own.

As parents, they have concerns that their son or daughter would not be able to manage their inherited assets effectively. They worry that an inheritance if received directly, whether at age 30 or 60, could be detrimental to their well-being. Understanding the role of a fiduciary can bring relief, knowing that a professional will act in their adult child’s best interests.

Many parents are understandably hesitant to burden a family friend or relative with the responsibility of ensuring their adult child’s lifelong safety.   At the same time, they are concerned that hiring a professional fiduciary is entrusting a stranger.

At Gates Pass Advisors, we often work in conjunction with our clients’ estate attorneys to help make such decisions.  We provide a comprehensive plan that covers all aspects of your adult child’s care, from financial management to health care decisions. This ensures a sense of security and preparedness, giving you the reassurance you need.

Financial Stewardship with Heart

Ensuring financial security for your adult child is a vital part of your journey. California law allows for the creation of a Special Needs Trust (SNT) that a fiduciary can manage. The SNT is designed to supplement public benefits, like Medicaid or Supplemental Security Income (SSI), without jeopardizing their eligibility for these vital services. Our role at Gates Pass Advisors is to manage the assets in this trust that are aligned with its goals for the benefit of the adult child beneficiary.   We serve as a steadfast guardian of your adult child’s financial future, working with the selected trustee or fiduciary.

The Guiding Star: Fiduciary Support

In California, a fiduciary is not just a trusted individual but is legally bound to act solely in their best interests.  This ensures that your adult child’s financial, health care decisions and daily necessities are managed with the utmost care and attention, under specific regulatory guidance, and with a human touch.  This often gives clients the confidence and security they need, knowing that their adult child’s best interests are always the top priority.

Advocacy in Your Absence

Navigating California’s programs and benefits can be perplexing and time-consuming. A fiduciary stays abreast of California’s state-specific healthcare and disability programs, advocating for your adult child to receive all the benefits they’re entitled to. Your chosen fiduciary will be well-versed in such matters, cutting through the fog of bureaucracy to uphold their right to necessary services and care.

A Personal Touch

Some parents worry that if they name a Professional Fiduciary, they entrust someone they do not know well.  Yet they are not comfortable naming someone they know because they don’t feel that person is adequately skilled or may want the responsibility.

Given our many-year relationship with the parents, we have a family history; therefore, we can collaborate with the professional fiduciary on the adult child’s behalf.

Your adult child’s needs are as individual as they are, and no one can accurately predict their future.  By selecting a skilled and knowledgeable fiduciary who desires to engage collaboratively with your financial planner and advisor, you’re putting the odds in their favor that they will have the support and foundation that allows them to flourish even in your absence.

Steppingstones to Peace of Mind

Choosing a fiduciary in California should be a deliberate and thoughtful process, one where you consider the following:

  • Their experience and history handling the special needs of adult children – confirming that they have the expertise to manage complex situations with sensitivity.
  • Professional qualifications – ensuring they have the knowledge and are regulated, providing you with additional layers of trust.
  • A reputation that speaks for itself – because a fiduciary’s past actions often indicate how they’ll handle future responsibilities.
  • Compassion and Compatibility: It is crucial for your child to feel comfortable with the fiduciary. Ensure they demonstrate compassion and understanding.

Charting the Course Together

Understanding the legalities of setting up a fiduciary in California can be quite a voyage. As your allies, Gates Pass Advisors will help you stay on course by

  • referring you to an experienced estate planning attorney familiar with how to create the appropriate documents
  • Working with you to gain perspective on what is financially possible given the size of your estate
  • Creating a financial plan to provide for your own needs through retirement and address those of your adult children

A Horizon Filled with Hope

We are here to reassure you that your adult child’s journey into tomorrow is supported by having the right advisors on your team. We call it your ‘Brain Trust’. Empowerment comes with knowledge, and we pledge to provide you with the guidance needed to make informed, confident choices.

At Gates Pass Advisors, our commitment is steadfast. By thoughtfully selecting a fiduciary and detailing your instructions for your adult child’s needs, you can provide a structured and secure future for them. With us by your side, the path to financial well-being is not just within reach, it’s within grasp.

Gates Pass Advisors