William A. Johnson, P.A. William A. Johnson, P.A.
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special needs trusts Archives

Can't qualify for Medicaid? Try a special needs trust

The quality of life for people living with disabilities in Florida is leaps and bounds ahead of what it used to be in decades past. Now, with the right kind of care, these individuals can typically expect to live long, full lives. But what happens when someone with a disability turns 18 or their primary caretaker is no longer able to fulfill their duties? In such cases, a special needs trust is an invaluable asset.

Estate planning can aid in achieving family goals

Individuals who wish to pass assets to their heirs after death may wish to take the proper steps to ensure that their wishes are honored. Estate planning can help ensure that individuals can pass along wealth and assets in exactly they way they intend. Florida residents may want to take note of common tips to avoid estate planning mistakes.

After estate planning, documents may need revision

Tax law changes, births, deaths and other significant life changes may call for the revision of the best laid plans. That's why, no matter the hype surrounding current tax laws changes, it is always a good idea to revisit one's estate planning to ensure that the plan is still in line with one's wishes. Florida residents could have a number of reasons to revisit and revise the estate plan. 

A special needs trust can provide for a disabled child

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. 

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. 

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