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Special Needs Trust
Is there someone in your family who has or may have special needs? Does someone in your family currently receive, or potentially in the future will be receiving, government benefits for their medical or other needs? If so, it is important that you know the benefits of a Special Needs Trust.
The Special Needs Trust allows an individual to continue to receive governmental assistance when they either inherit assets or when they receive assets through litigation or other unexpected sources. Basically, a special needs trust is a discretionary trust designed to preserve governmental benefits for a disabled or aged beneficiary. Distributions from the special needs trust are designed to supplement the beneficiary’s public benefits, not supplant them. There are a two different types of special needs trusts: (1) a third party special needs trust, and (2) a self-settled special needs trust.
Special needs trusts are commonly used to provide the beneficiary with specially equipped vehicles, dental work, computers, televisions, electronic devices, and other benefits not covered by SSI, Medicaid or other public benefits programs.
It is important that anyone considering the use of a Special Needs Trust consult with an experienced special needs trust attorney to ensure that all of the technical requirements are met for a Special Needs Trust for Florida.
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Rarick, Beskin & Garcia Vega, P.A. has assisted Florida families and business persons for over 17 years. Our firm has worked with over 400 similar law firms located in states outside of Florida to represent their clients in legal matters concerning Florida probate, estate planning, and asset protection. To schedule a meeting, call (305) 556-5209 or (954) 566-1151, or email info@raricklaw.com. We look forward to meeting you!
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