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Probate And Elder Law Services In Brevard County
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special needs trusts Archives

Special needs trust can store past-due benefits

When it comes to post-retirement, end-of-life care, finding the right balance of trust funds and benefit calculations can be a challenging dance. Many folks in Florida can find it a bit confusing when juggling Social Security Disability Insurance payments and Medicaid asset maximums. However, with careful planning, and possibly a little help, there are options to maximize the amount of aid offered to any one individual. 

Special needs trust can be a part of a successful financial plan

Some situations require specific plans. Being a special needs individual, or being a parent to one, can potentially require thoughtful financial planning. Since a person's assets can affect their ability to receive government benefits, some individuals choose to utilize a special needs trust to hold some of the assets. Florida residents with these needs can choose to combine the trust with government benefits in order to provide resources for a wider array of needs and wants. 

Special needs trust can be a part of a successful financial plan

Some situations require specific plans. Being a special needs individual, or being a parent to one, can potentially require thoughtful financial planning. Since a person's assets can affect their ability to receive government benefits, some individuals choose to utilize a special needs trust to hold some of the assets. Florida residents with these needs can choose to combine the trust with government benefits in order to provide resources for a wider array of needs and wants. 

Getting help with a special needs trust

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. 

Individuals can settle their own special needs trust with new law

Recent changes in legislation now allow disabled individuals more freedom to spend and save money without jeopardizing their Medicaid. A person in Florida can now choose to settle his or her own first party special needs trust without the aid of a representative. A recent news article gives some background information about special needs trusts and some information about the new change in the law. 

Florida: What are third-party special needs trusts?

Those who rely on government disability benefits can face the loss of those benefits if their income and assets become too great. This forces individuals to choose between the benefits of financial investments or getting regular needed disability benefits such as Supplemental Security Income and Medicaid. People in Florida may be wondering if there is a way to support both needs. A recent article telling about third-party special needs trusts gives more information on the subject. 

Special needs trust attorneys can help protect disabled children

Most parents in Florida who have children with special needs are concerned about the welfare of their kids when they are no longer there to provide care. However, parents must approach this matter with care to avoid jeopardizing the child's access to government benefits. Fortunately, special needs trust attorneys can provide legal support and guidance to put safeguards in place designed to protect special needs children that might outlive their parents.

How will new SNT law improve special needs trusts in Florida?

In 1993, the Omnibus Budget Reconciliation Act of 1993 (OBRA-1993) was enacted to overhaul Medicaid. This allowed parents, grandparents, guardians or courts to establish self-settled Special Needs Trusts for individuals under 65 years old who have disabilities. However, until the signing of the Fairness in Medicaid Supplemental Needs Trusts as part of the 21st Century Cures Act in December, people with disabilities nationwide, including in Florida, could not establish such trusts on their own -- regardless of their levels of disability.

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William A. Johnson, P.A.
140 Interlachen Road, Suite B
Melbourne, FL 32940

Phone: 321-426-1865
Fax: 321-242-8417
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