Melbourne, Florida, Trust, Estate Planning And Probate Law Blog

Parents of special needs children already understand the extra care and dedication that goes into the job. Many worry about what will happen to their adult children after they are gone. While Florida parents might expect their other children or family members to take over caregiving duties, it is important to establish these matters through careful estate planning. This includes setting up a special needs trust to protect a person's finances.

A special needs trust is one of the most effective ways to ensure that a disabled child continues receiving vital government aid and benefits. Many government programs -- including Supplemental Security Income, Medicaid, job training programs, subsidized housing and more -- are only available to individuals with low incomes. If a parent leaves behind a significant inheritance, that heir could be kicked off of these programs and faced with two options -- go without essential services or quickly drain the inheritance to pay for them, and return to government assistance. Instead, leaving money via a trust is a better idea.

Planning for the future can be stressful. That's especially true for those in Florida who are considering their long term care needs. Many families are uncertain what level of care their loved one might need in the years ahead, making it difficult to know which path to pursue. For those who believe they might need to rely on Medicaid benefits to cover some of the costs of long term care, researching irrevocable trusts is a good place to begin. 

When an individual places assets within a trust, the trust itself becomes the owner of those assets. In the case of a revocable trust, the creator can make changes at any time, and can dictate that he or she (or any other entity or person) be considered a beneficiary, eligible to receive wealth from the trust. The problem lies in the fact that Medicaid would also be considered a beneficiary, and could also tap into those assets. 

Rising standards of living and life expectancies mean that you can probably expect to live significantly longer than past generations. While enjoying more years with loved ones is invaluable, the actual cost of care during later years can be paralyzing. Long-term estate planning can help ensure that you have access to much-needed Medicaid coverage. 

In Florida, Medicaid is a state-administered program funded by the federal government. Medicaid can cover the cost or provide valuable assistance if you need long-term care in a residential facility, but you may not qualify if your assets or income exceed a certain amount. When the average institutional care topping around $96,000 annually, you cannot afford to miss out on Medicaid benefits. 

Cats and dogs are no longer viewed as just pets that hang around the house. Increasingly, pet owners are treating their beloved animals as members of the family. Even a quick scroll through popular social media platforms will yield dozens of photos of pets with cute titles marking their statuses, such as "fur baby" and more. But what happens if an owner outlives their pet? Estate planning can answer that question. 

Florida owners who want to make sure that their animal is cared for in the event of their own passing should be sure to utilize available estate planning tools, such as wills and trusts. Individuals can use a will to leave their pet to a designated caretaker. Like with selecting guardians for children, pet owners should be sure to talk to the person they have chosen to act as caretaker first to be certain that they are on board with the plan. Most people also leave instructions -- such as favorite food and preferred veterinarian -- along with funds to cover some of the pet's future care.