Many Americans are born with disabilities every year. Parents typically love to dote on their children and ensure that their special needs are met. Ultimately, however, the time may come that the parent isn't able to care for the child, or the parent passes away, which can leave a disabled person without needed supports. A special needs trust is one tool that is available to disabled individuals in Florida that can ensure his or her stability for years to come.
Popular government supports like Medicare, Medicaid, Social Security Disability Insurance and Social Security Income are typically available to all disabled individuals to help cover the cost of living and medical needs. Government funds also cover the cost of day programs and job coaching. Some parents will want to supplement the government support with funds of their own.
The added support is a bonus, but if it is given directly to the disabled individual, it can jeopardize these vital government support programs. A person generally has to own less than $2,000 worth of assets to qualify. A special needs trust is a certain type of legal and financial vehicle that can allow parents or relatives of a disabled person to hold assets and funds in a trust for the child without endangering their eligibility. Another type of savings account, called the ABLE account, can help a disabled person save money also.
Planning for one's adult children with special needs can be a challenge before one understands the impact of the financial decisions he or she makes for the disabled person. In Florida, a person may be interested in finding more help understanding the details of forming a floridaelderlaw.net/Estate-Planning.shtml">special needs trust. An experienced elder law attorney can be a valuable tool in this instance.
Source: USA Today, "Planning for adult children with special needs", Tamara E. Holmes, Jan. 22, 2018