For many of those living in Florida with special needs, financial assistance from the government is considered a primary source of income. Central Florida residents who receive benefits from the government through special needs programs are usually children born with a developmental or physical impairment or individuals who have been incapacitated. Some people with special needs require the assistance of professional caregivers, but many are taken care of by loved ones and family members.
This can cause a great deal of concern for those who look after a relative or close friend who has special needs requirements. If something happens to the caregiver, how will the other person receive the treatment and care that they require? There are many factors to consider in these delicate circumstances but establishing a special needs trust can help.
What is a Special Needs Trust?
For residents living in Florida, a special needs trust is a legal arrangement allowing someone who is physically or mentally impaired, or someone who is chronically disabled, to retain access to certain funds without risking the loss of necessary benefits provided by public assistance programs. If the person in question is incapacitated, a predetermined caretaker may use them on their behalf. Florida Statute § 732.2025(8).
Criteria for public assistance can sometimes prevent those with disabilities from receiving financial benefits or help from third-party sources. Those who live with a disability or who are impaired are required to have an income below a certain threshold to receive government assistance, any sum exceeding that threshold disqualifies them from receiving the benefits.
What are the Benefits of a Special Needs Trust?
Establishing a special needs trust for a person that you love allows them, or someone acting on their behalf, to retain access to certain financial assets without having a potentially serious and negative effect on their Florida public assistance benefits. There are other benefits of creating a legally binding special needs trust, as well, including:
- Funds in special needs trusts are not able to be accessed by creditors.
- Your loved one can remain eligible for government benefits and public assistance programs while still utilizing the funds in the trust without being penalized.
- Special needs trusts ensure that your loved one receives the funds you left for them, or that the funds are used to assist them directly.
- Funds in special needs trusts are tax-deductible.
The money left in a special needs trust can be used for various improvements to your loved one’s quality of life. If you have a loved one who has special needs and you are worried about whether or not they will be able to obtain the financial assets that you leave them, setting up a special needs trust is the best way to ensure that your loved one is cared for and all of their needs are met in your absence.
Should I Contact an Attorney About My Special Needs Trust?
No two special needs trust cases are alike. Each unique case requires careful consideration and planning, which can be time-consuming and stressful when you are managing caretaking duties. Working with an experienced Central Florida trust attorney to establish a special needs trust is a great way to ensure that there are no mistakes or errors made in the process, and it can provide you with much-needed peace of mind.
If you are concerned about how your loved one with special needs will continue receiving the same level of care in your absence, an attorney can help you establish guidelines for medical care that can ensure they are looked after. Working with an attorney to set up a special needs trust in Central Florida is a great way to take care of your loved ones now and after you are gone. A knowledgeable attorney can walk you through the process every step of the way and answer any questions you might have related to your special needs trust case.
Dedicated Special Needs Trust Attorneys in Central Florida
Planning for the future of your loved ones with special needs can be complicated when it comes to managing the legal aspects of the situation. You want to work with someone you can trust. The reliable team of attorneys at Patriot Legal Group in Central Florida, has successfully helped hundreds of clients, and their families, secure the details on their special needs trust to ensure that they establish a safety net for the future of their loved ones.
You should not go another day without getting started on planning for the future. Although it can be a delicate subject, preparing a special needs trust can save the people you love both time and money.
Reach out to the passionate team at Patriot Legal Group by calling (407) 794-7909 or reaching out to us online to schedule your consultation with one of our experienced attorneys, completely free.