Free Report Reveals Estate Planning Secrets

Planning for the Heir with Special Needs:
The Special Needs Trust

If you have a loved one with Special Needs (an emotional or physical challenge), you need to be concerned about the balance between what they might stand to inherit and its affect on or possible loss of their government benefits. This is frequently overlooked in the Estate Planning process.

Families need to be aware of their options in providing for their Special Needs loved one.

  • The Special Needs Person (SNP) may be disinherited. This is an option if the assets available for the SNP are small.
  • Give the SNP the assets outright. Caution should be exhibited with this option as it could result in government interference or the SNP spending it unwisely.
  • Another option is to give the funds to a third party for the care and well-being of the SNP.  Only be careful! The third party you choose has no legal obligation to spend it on the SNP. It is subject to the owner’s creditors and can have a negative effect on his or her income or Estate Plan. Also, when the owner dies, his or her heirs may not be trusted to care for the SNP heir.
  • This leaves us with the last and usually best option, the Special Needs Trust (SNT). Special Needs Trusts are used to allow one person to set aside funds for the care and benefit of an SNP. This is a common family practice for special-needs children, grandchildren, siblings, or other relatives. The key to an SNT is that they are drafted to be totally discretionary so that the SNP cannot demand distributions. Since the assets are not legally available to the beneficiary on demand, they are not considered assets when the SNP applies for government benefits.

Special Needs Trusts are also used to manage and shelter funds of the SNP gained through inheritance, life insurance, or personal injury award. As long as the SNP is not the trustee, there is no interference with the SNP’s ability to qualify for SSI or other government benefits.

SNT’s must conform to government requirements to assure that the SNP continues to be eligible for SSI or Medicaid.

Retaining a Board Certified Elder Law Attorney enables you to learn how a Special Needs Trust may protect your Special Needs Person, and demonstrate to you other methods of Preserving Assets to be able to take advantage of Medicaid and other government benefits.

We provide FREE, valuable materials, education, support and services related to the issues surrounding the aging and disabled.

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Consumer's Guide to Medicaid, Veteran's Benefits for Long Term Care Needs and Incapacity Planning. Our original primer, right to the point, on the steps families should be taking right now to care for their loved ones, while protecting their assets, legally and honestly. Provides an overview of Medicaid and Veteran's Benefits for long term care needs including in-home, assisted living and nursing home care.

Consumer's Guide to Hospice Care in Florida - It’s Much More Than You Think. Most people never get the true benefit from this fully Medicare covered service. In addition to bursting the myths and legends about Hospice, our guide will walk you through the legal steps a family should take as soon as the Hospice decision is made to protect assets and provide for an orderly transition after the passing. Includes an all-new Bonus Section on Long Term Care Needs and Incapacity Planning.

Consumer's Guide to Alzheimer's Disease - The Plain Truth. If you have a loved one afflicted with this terrible disease, you likely have unanswered questions and want the plain truth. We offer the resources to help you understand this disease, get good care for your loved one, ensure care is given to the caregiver and protect the family's assets to regain peace of mind.

Special Report: The "Time Bomb"...Why You Need a Board Certified Elder Law Attorney to Apply for Your Veteran's or Medicaid Benefits. A discussion of the pitfalls, minefields and blunders that clients have experienced when they did not seek the assistance of a board certified elder law attorney to navigate these complex applications processes. True-life horror stories of issues our clients have endured, the money they have wasted and the mistakes we have corrected.

Special Report: Making a Loud Statement - The Indispensable Guide to Wealth and Legacy Preservation for Florida's Silent Generation. Where did the pre-baby boomers get this identity? The Obedient / Compliant / Parent Pleasing Generation (born 1928-1945) may not have been at Woodstock but this current group of seniors, has broken the mold of the "traditional" family. Preferably called the "Bridge Generation", they have a lot to say about their senior years and a need for protecting and planning for the years ahead and the people they love.

Special Report: Special Concerns in Estate Planning for Same-Sex Couples. There are 5.5 million households in the US classified as "unmarried" and many of these are same-sex households. Although the LGBT community can certainly take advantage of much of the traditional estate planning tools we use, they can also benefit from some of the unique tools designed to address the special needs of this community that require special planning