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Special Needs Planning

special-needs-planningSpecial needs planning is a specialized area of the law that focuses on protecting public benefits for people with special needs, while at the same time facilitating a higher quality of life. A special needs plan can provide a framework for proper medical care and management of assets as well as protect assets from creditors and predators. One of the key components of any special needs plan is a Special Needs Trust.

The two most common types of Special Needs Trusts in Florida are First Party Trusts and Third Party Trusts.

First Party Special Needs Trusts must be set up by a parent, grandparent, legal guardian, or the Court, for the sole benefit of a person with special needs. The Trust must be established with money owned by the person with a disability. First Party Special Needs Trusts are subject to the payback provision, which means that when the beneficiary dies, the trustee must use any remaining trust assets to repay the State of Florida for all benefits provided by the state to the special needs beneficiary.

Third Party Special Needs Trusts are funded with assets of someone other than the beneficiary. They are the most common and effective way for parents to provide for a child with a disability, and they are not subject to the payback provision. Typically, Third Party Trusts are established through a Revocable Living Trust or as a Stand-Alone Trust. It can also be established through a Will.

Benefits of a Third Party Trust include:

  • No requirement that the State of Florida be paid back
  • Trust provisions can be flexible and drafted in accordance with your wishes and desires for the beneficiary, within the guidelines allowed by law
  • Trustees and successors know what to expect and can prepare/train accordingly
  • If laws change, the trust can be amended
  • Ensures that trust assets stay in the family
  • Can include special provisions such as a Care Manager and Advisory Committee, and specific types of distributions and authorization for the trust to be terminated if the beneficiary is no longer disabled or in need of government benefits

 

Improved Quality Of Life

A Special Needs Trust gives the beneficiary indirect access to a fund that can provide for his or her supplemental needs. This can dramatically improve the beneficiary’s quality of life by providing for:

  • Housing (although this may cause a reduction in benefits)
  • Food (distributions for food may also cause a reduction in benefits)
  • Clothing
  • Household furnishings
  • Utilities
  • Educational expenses
  • Insurance
  • Musical instruments
  • Medical procedures or therapies not available through government assistance
  • Medications not covered by benefits
  • Supplemental nursing home care and private companion services
  • Geriatric care services
  • Travel expenses
  • Entertainment expenses such as movies, concerts or electronic equipment
  • An automobile
  • Attorney fees
  • Other expenses, services or products not provided by a government assistance program

 

Additional benefits of a Special Needs Trust include:

Freedom Of Choice

The beneficiary can use his or her Medicaid benefits and trust distributions to pay for medical services not provided by Medicaid, or for a specialist who does not accept Medicaid payments. 

Contact us today to learn how we can assist you in protecting your special needs loved one’s eligibility for government assistance and improving his or her quality of life.

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Practice Areas

Estate Planning
Probate
Guardianship
Taxation

Business Formations
Asset Protection
Adoptions
Special Needs Planning

Welcome to Short, Setzer, Cowart, The Florida Planning Law Firm

We offer clients individually tailored estate planning advice that leverages their ability to transfer wealth to future generations while minimizing taxes, risk of loss and family acrimony. We have extensive experience representing individuals and businesses to preserve and pass on our clients’ lifetime of hard work, vision, and sacrifice. We welcome the opportunity to discuss your needs, our qualifications, and fee structures with respect to estate planning and trust and estate administration. We are a caring and compassionate law firm working hard to assist our clients pass on their Family Wealth and Legacy to their loved ones!
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625 Atlantic Blvd. Atlantic Beach, FL 32233

Tel: (904) 853-6268
Fax: (904) 853-5671

info@floridaplanninglaw.com

Mission Statement

To provide our clients with the highest level of service, focused on exceeding their individual needs. To provide our employees with a supportive environment that facilitates personal and professional growth and success.

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Having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also spell out exactly how you would like things handled... more

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