Boca Raton Special Needs Trust Attorney
Helping Families Provide for Loved Ones With Special Needs
If you have a loved one with special needs, such as a severe impediment or disability, there are several matters to consider when planning for their future. When considering a comprehensive estate plan, you have the option of establishing a Special Needs Trust (also often referred to as a “Supplemental Needs Trust”). An experienced Boca Raton special needs trust attorney at the Ellis Law Group can help you understand the complex aspects of these types of trusts and ensure your loved ones will be well taken care of. Contact us today to schedule a consultation and learn more about the benefits of a Special Needs Trust.
What Is a Special Needs Trust?
A Special Needs Trust is a written agreement under federal law that excludes specific assets and income from being used to disqualify a person from for receiving government benefits. For example, if a severely disabled person suddenly receives an inheritance, that person may lose their Medicaid health insurance. This would result in the entire inheritance paying for healthcare until he or she can again obtain Medicaid when the funds are gone. This type of outcome can be avoided by creating a Special Needs Trust.
A Special Needs Trust is designed so that a designated trustee may help enhance the life of the special needs individual and make their life more enjoyable by providing services the government benefits may not ordinarily provide for. These may include:
- Sophisticated or more extensive medical equipment
- More extensive medical or dental treatment
- Private rehabilitation and education
- Facilitation of communication and travel to maintain contact with family members
While the special needs beneficiary themselves may not demand funds, the terms of the trust are designed to enrich the beneficiary’s life to the greatest extent possible while not disqualifying them from receiving public benefits.
What Types of Special Needs Trusts Are Available to Boca Raton Residents?
When it comes to choosing a particular type of trust, there is no clear-cut answer as to which is the most beneficial for your loved ones nor which will provide the most benefits. As with any kind of trust, in Boca Raton and throughout Florida, families have the option of establishing one of two types of Special Needs Trusts. The one you decide upon will vary depending on who is creating the trust, whose assets are being used to fund the trust, among other relevant matters. To ensure you choose the type of trust that best suits your family’s needs, it is important to consult a knowledgeable Boca Raton special needs trust attorney prior to making a decision.
The two types of Special Needs Trusts that can be established are:
- Third-Party Special Needs Trust: Created using the assets of the parents as part of the parents’ Will or Trust.
- Self-Settled Special Needs Trust: Generally created by a parent, grandparent or legal guardian using the special needs beneficiary’s assets to fund the Trust.
Contact a Boca Raton Special Needs Trust Attorney Today for a Confidential Consultation
If you have questions about establishing a Special Needs Trust, Ellis Law Group can provide you with quality and compassionate legal advice and representation. To learn more about these types of trusts, we encourage you to schedule a consultation with a member of our firm. Contact us online today or by phone at 561-910-7500 to speak with an experienced Boca Raton special needs trust attorney and discuss the terms of your trust as well as your rights and legal options.