Should I Consider A Special Needs Trust For My Child?
Anyone who has a disabled adult child or a minor child with a disability who receives needs-based public benefits that could be affected by receiving an inheritance should consider a special needs trust. People think that since giving an inheritance will affect those benefits, they should disinherit that child. A much better way to handle it is to create a special needs trust. A special needs trust allows the disabled child to receive the benefits of the inheritance that you leave him or her. A trustee manages the assets for the disabled beneficiary and the wording of the trust would preclude and prevent disruption or disqualification of means-tested public benefits. A special needs trust is a way of making sure that your disabled child is provided for equally under your estate planning documents while preserving that disabled child’s public benefits.
What Special Needs Will That Type Of Trust Meet?
A special needs trust is given its name because the term “special needs” is derived from the idea that public benefits do not provide anything except basic sustenance. A special needs trust is supposed to provide above and beyond what public needs-based benefits provide. If someone receives Social Security Supplemental Income of $750 per month and Medicaid for health insurance, that leaves merely $750 for food, shelter, and discretionary expenses. A trust can buy that disabled beneficiary better housing and shelter, more caregivers, and entertainment that enhance the beneficiary’s quality of life. The trustee is required not to displace public needs-based benefits but instead to provide what needs-based public benefits do not provide.
When Should I Create A Special Needs Trust?
Anyone with a disabled child should create a special needs trust. If you’re not there and someone else needs to provide for your child, they’re going to need resources to take care of this child. (Provigil) If you have a minor disabled child, you should get a special needs trust created as soon as possible.
If you have a disabled adult child who is living off Social Security Disability Income, you also need to create a special needs trust. If your child receives an inheritance when you’re gone, they’re going to lose their needs-based health insurance benefits. You want to create the special needs trust so that they still get the public benefits and also receive the inheritance that you would leave them. It’s maximizing the resources to care for them.
For more information on Special Needs Trust In the State of Florida, an initial consultation is your next best step. Get the information and legal answers you’re seeking by calling (904) 398-6100 today.
Call Us Today
(904) 398-6100
