Special Needs Planning
Special needs planning is a unique area of law that helps those with special needs and their families care for them in the best way possible. It involves creating protection from creditors, predators, and other outside forces while providing opportunities to manage assets. A Special Needs Trust can be essential as it provides a practical framework for medical care and reasonable financial security over time.
The Two Most Common Types of Special Needs Trusts:
First Party Trusts
A First Party Special Needs Trust is a legal way for individuals with disabilities with assets over the Medicaid asset limit to qualify or be eligible in the future for Supplemental Security Income and Florida Medicaid. With a First Party Special Needs Trust, the State of Florida requires any remaining assets in the trust upon death to go toward reimbursement from benefits previously given out. This type of special needs trust ensures lasting care for those who need it most – giving them protection today and tomorrow.
Third-Party Special Needs Trusts offer parents an effective way to provide for their disabled child’s future. Unlike other trusts, these are not subject to the payback provision.
Improved Quality Of Life
A Special Needs Trust is a powerful tool to help those with special needs focus on living their best life. This trust gives the beneficiary access to supplemental funds to improve quality of life, taking care of essential items such as healthcare services and supplies, therapy or counseling fees, adaptive equipment expenses, and recreational activities.
Freedom Of Choice
With the help of a trust and Medicaid, your special needs loved one can access specialist medical services not covered by basic care. Reach out to us today for guidance on how we assist with protecting their eligibility for government assistance while improving their quality of life.