Most individuals that contemplate estate planning do so because they want to protect their family and provide for their loved ones. Yet, how does an estate plan differ if your loved one is either physically disabled or has special needs? Leaving a legacy behind for a disabled family member requires careful planning by a skilled estate planning attorney. If not done properly an estate plan meant to protect a disabled individual can actually harm them. These problems can be avoided by creating a Special Needs Trust.
Individuals with disabilities often qualify for government assistance. They can likely qualify and benefit from Supplemental Security Income, Medicaid and subsidized housing to name a few. However, leaving your loved one assets or a large sum of money by way of a Last Will and Testament or a Revocable Living Trust can actually cause them to lose these benefits as they would no longer qualify. By creating a Special Needs Trust that holds the assets for their benefit you then protect their eligibility and secure their future. A trusted individual or financial institution would act as Trustee and manage the assets on behalf of your disabled loved one. Since the Trustee controls the money and not your family member the trust assets would be ignored when considering eligibility for governmental assistance. The end result is your beloved family member enjoying the type of life you envisioned – benefiting from what you’ve left them while still receiving governmental assistance.
Don’t delay on securing your disabled love one’s future. Call the South Florida Office of Wild, Felice & Partners at (954)944-2855 today for your free consultation. For more information on Estate Planning, Asset Protection, Probate Administration and Elder Law, please visit our website at www.wfplaw.com.
It’s A Wild World. Are You Protected? SM