Tag: special needs trust

Navigating Estate Planning for a Loved One with Multiple Sclerosis or Other Disabilities in Florida

Caring for a loved one with multiple sclerosis or another disability comes with unique challenges and planning for their long-term financial and legal well-being is essential. If you have a family member in Florida who requires additional support, it is important to take proactive steps to ensure their future security. Estate planning can help protect their eligibility for benefits while allowing you to provide for their needs in a structured and legally sound manner.

Planning ahead now can give you peace of mind, knowing that your loved one will be cared for no matter what the future holds. Understanding the right legal tools and strategies can help avoid common pitfalls and ensure long-term security. Let’s explore key considerations when creating an estate plan for a loved one with multiple sclerosis or other disabilities in Florida.

One of the most critical steps is to establish a special needs trust. A properly structured special needs trust allows you to provide financial support without jeopardizing eligibility for essential benefits such as Medicaid and Supplemental Security Income (SSI). These trusts are carefully designed to enhance the quality of life for your loved one while making certain there is continued access to necessary medical care and financial assistance.

Another crucial aspect of the planning is selecting a trusted decision-maker. Naming a reliable individual to serve as a trustee or legal guardian can ensure that financial and medical decisions are made in your loved one’s best interest. Durable power of attorney and health care planning tools allow you to appoint someone to handle financial matters and make medical decisions if your loved one becomes unable to do so. These legal protections help safeguard their rights while guaranteeing continuity of care.

Medicaid and long-term care planning should also be part of the estate planning process. Many individuals with disabilities rely on Medicaid for medical care and support services. Without proper planning, a sudden inheritance or financial gift could impact eligibility for these critical benefits. Working with an experienced Florida estate planning and elder law attorney can help you structure financial assistance in a way that preserves access to government programs while securing additional resources for enhanced care.

Additionally, it is important to consider future housing and care needs. Whether your loved one will remain in their home, require in-home care, or transition to an assisted living facility, estate planning can provide financial support and legal protections to make sure their needs are met. Advance planning can help avoid unnecessary stress and financial hardship, allowing for a smooth transition as care needs evolve.

Estate planning for a loved one with multiple sclerosis or other disabilities requires careful thought and legal guidance. Navigating the complex rules surrounding benefits eligibility, financial planning, and legal protections can be overwhelming without professional assistance.

We know this article may raise more questions than it answers. Our office is here to help you navigate the legal issues related to estate planning, probate, and elder law for yourself and your loved ones. We encourage you to contact us and schedule a meeting with our attorneys.

Establishing a Third-Party Special Needs Trust for a Disabled Grandchild

establishing-a-third-party-special-needs-trust-for-a-disabled-grandchild

Have you considered creating a special needs trust that can be used to provide financially for a grandchild with special needs without jeopardizing the receipt or continued receipt of government benefits? There are different types of special needs trusts, each better suited to some situations than others. A qualified special needs estate planning attorney can guide you through the options. If you are a grandparent with a special needs grandchild, a third-party special needs trust may be the best choice.

A first-party trust and can be used when the beneficiary of the special needs trust is the person whose assets or property are going to fund the trust. This type is often utilized by a disabled individual in order to allow them to qualify for medical assistance from the state. As the grandparent of the special needs individual, this is probably not the right choice for you. Another type of special needs trust is a third-party trust. A third-party special needs trust can be used when you have decided to fund a trust for another special needs beneficiary, in this case your grandchild. A third-party trust is often also called a supplemental needs trust. This is because the trust is intended for you to provide funds to supplement the needs of your grandchild, rather than provide for all of their expenses or replace any assistance they might currently receive. 

If you decide to set up a third-party special needs trust, the trustee can be you, your spouse, your child (the parent of your grandchild) or another relative or friend. The trustee will be responsible for informing your local authority that the trust exists if your grandchild applies for any type of medical assistance, and the appropriate agency will decide whether it should count when determining your grandchild’s eligibility for services. The existence of the trust should not impact any responsibility of your grandchild’s school district to provide them with services, but it can be important to talk to a qualified attorney to understand the specifics. The main thing to keep in mind may be that, if you are considering leaving money to your grandchild with special needs, creating a third-party special needs trust will likely allow them to use the money you intend to leave them without jeopardizing other assistance they currently receive.

Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

Special Needs Trusts

Individuals with special needs often face much greater challenges compared to those without special needs. Quality of life can be compromised and added expenses may come into play. These individuals frequently rely on public benefits to help them to meet these costs. But the benefits often fail to meet all the needs of the disabled person. A special needs trust can help bridge the gap between public benefits and what the person really needs. The trust is specifically identified to meet certain supplemental needs and the enhance the quality of life for the beneficiary. The special needs person. Most importantly, the special needs trust is created so as not to disqualify the beneficiary for public benefits being received. Says Anne Desormier-Cartwright, of Elder and Estate Planning Attorneys, PA. A special needs attorney is essential for determining the right type of trust and how to construct it so a special needs person gets every benefit they’re entitled to. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.