A person with disabilities may need a little extra help throughout life to thrive within their particular set of abilities and limitations. Some individuals will require outside help from a parent or trusted family member to ensure that the disabled person will have all the supports required after the parent (or other person) passes. By implementing certain protections, among them a special needs trust, while the caregiver is still living, the foundation for the successful life of a disabled person in Florida can be set up in advance.
It can be important to choose an adviser to guide the caregiver through the process of designing a plan for the disabled child. The right adviser will have a connection to special needs individuals and an understanding of the legal and financial considerations that must be taken into account for the best interests of the person. A knowledgeable adviser can also help the family as a whole, and can assist with legal and financial considerations that may affect other heirs or family members.
In some cases, it will be important to set up a legal guardianship or conservatorship. The special needs trust will help provide for the disabled child’s needs without threatening Social Security benefits. The Social Security Income is often set up using a representative payee, another technical designation. Additionally, in some states (with more states adopting them all the time), an individual can set up a special savings account that allows the person to save tax-free and without harming benefits.
It is an act of love when a parent or caregiver understands that situations are not static, and plans for the changes that will occur after the caregiver dies. By choosing an adviser that can aid with technical legal situations, such as a floridaelderlaw.net/Estate-Planning.shtml”>special needs trust, the caregiver will support the disabled individual. In Florida an experienced attorney can provide this type of guidance for individuals seeking help.
Source: Forbes, “Special Needs? Seek Out An Advisor Who Gets It“, Ashlea Ebeling, Sept. 22, 2017