Jacksonville Attorneys For The Establishment Of Special Needs Trusts
Being the parent or spouse of a person with a disability requires hard work and careful planning. Allowing for financial security of their future may also require the help of a Jacksonville lawyer for establishing trusts for children with special needs. At Tolson & Associates, P.A., our Jacksonville attorneys have over 40 years of experience walking with the families and spouses of persons with disabilities through the process of preserving eligibility for government benefits through Florida special needs trusts.
If you have a special needs child, adult or disabled spouse, a special needs trust may be needed to maintain eligibility for government benefits.
Financial Security Through A Special Needs Trust
A special needs trust, or supplemental needs trust as it is also referred, is a vehicle that is used to help a person who would otherwise qualify for Supplemental Security Income (SSI), Medicaid, or other means-tested government benefits maintain those benefits in the case an inheritance, lottery winnings or personal injury settlement proceeds. If you have an individual with a special need, it is important that you establish a special needs trust for them rather than allowing them to inherit directly from another person so as to not jeopardize their public benefits.
A special needs trust functions by turning countable assets into noncountable assets in order to preserve eligibility for these basic government benefits. Any assets that are placed into the trust are allowed to be used for "extras" such as additional health care services or equipment, personal hygiene care, travel or even luxury items that are beyond what government benefits could cover. Implementing a special needs trust allows a disabled person to continue to receive government assistance while still being able to receive the benefit from their inheritance or other lump-sum payment.
Naming The Trustee Of A Special Needs Trust
One of the most important decisions in the creation of a special needs trust is who to place as trustee. The trustee will be responsible for making distributions to the disabled individual that help improve the disabled person's quality of life but do not jeopardize their eligibility for public assistance. Thus, the trustee should be a responsible individual who manages money well and is also willing to consult with a special needs expert or a trust company that specializes in dealing with special needs trusts. When you set an appointment with our Florida lawyers, we will help you evaluate the selection of trustee of your special needs trust and also examine the future care plan for your disabled loved ones.
Our Jacksonville and Orange Park special needs trust lawyers also assist families in the establishment of guardianships or guardian advocacies to assist disabled individuals in the exercise their individual rights when needed.
Contact The Law Firm Of Tolson & Associates, P.A., Today
We are available to meet all of your estate planning needs. Call (904) 269-0050 or contact us online to schedule an initial consultation to discuss your legal needs. Our law office hours are Monday through Thursday from 9:30 a.m.. to 12 p.m. and 2:00 p.m. to 5 p.m. Evening and weekend appointments are available upon request. We accept Visa, MasterCard, American Express and Discover credit cards.