Special Needs Trusts in Florida
A Special Needs Trust is an essential estate planning tool designed to provide financial security for individuals with disabilities while ensuring they remain eligible for government assistance programs such as Supplemental Security Income (SSI) and Medicaid. This type of trust is specifically structured to manage assets on behalf of a disabled person without compromising their access to crucial benefits.
A Special Needs Trust offers numerous benefits, including preserving the beneficiary’s eligibility for government benefits, providing financial security by supplementing rather than replacing public assistance, and ensuring professional management of funds through an appointed trustee. This structure protects assets while allowing the disabled individual to receive additional financial support for needs that government programs may not cover, such as specialized care, therapy, education, and recreational activities.
If you are considering setting up a Special Needs Trust in Florida, Jacobs & Jacobs, P.A. is here to help. Our experienced attorneys can guide you through the process, ensuring your loved one’s future is secure while maintaining eligibility for essential benefits. Contact us today for a consultation.
Benefits of Special Needs Trusts
By placing assets in a Special Needs Trust, families can enhance the quality of life for their loved ones without jeopardizing their eligibility for public assistance. The trust can cover expenses such as medical care, therapy, education, transportation, and recreational activities that government programs may not cover.
It is typically established by a parent, grandparent, guardian, or court order to ensure that a disabled individual has financial support without direct ownership of assets. Since the beneficiary does not control the funds, they remain eligible for vital government programs. The trust is managed by a trustee who is responsible for distributing funds in a way that benefits the individual while maintaining compliance with program requirements.
These trusts can be funded through various means, including inheritances, life insurance policies, settlements from personal injury lawsuits, and gifts from family members. By properly structuring the trust, families can ensure their loved one receives financial support throughout their lifetime without the risk of disqualification from assistance programs.
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I am an attorney specializing in complex real estate transactions for the past 34 years. But when it came time to select an attorney to create a revocable living trust, I chose this law firm to assist me. They did an excellent job! Enough said!
My experience with Melinda has been 100% positive. She is knowledgeable and friendly. She answered and explained very patiently all of my questions. The whole process was easy, simple, and fast! The secretary was kind, and conveyed all of my concerns to Melinda with accuracy, and took good care of me both over the phone, and in person.
I was looking to obtain a will/trust and scheduled an appointment with Jacobs & Jacobs. I first met with Melinda where she explained in fine detail what was required to fulfill what I was requesting. Upon receiving a draft copy of all documents I then scheduled another appointment to finalize the agreement and met with Daryl. Both are very experienced and well versed in their profession.
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