Do you have a family member, such as a child or sibling, with a disability? Do you have a plan in place to continue caring for them after your death?
Without the right plan, you’re putting the future personal and financial well-being of your loved one at risk.
Fortunately, with a dedicated approach to special needs planning, you can ensure that your loved one maintains their standard of living and quality of life after you’re gone.
Create a Special Needs Trust
A special needs trust allows you to provide funds and direction to an individual with a disability without disrupting their eligibility for government aid, such as Medicaid benefits.
Just the same as any type of trust, attention to detail is critical. The decisions you make when creating a special needs trust will affect your loved one in the future.
Important points of consideration include:
- Who you will name as the guardian of your child
- Who you will name as the trustee (this person is responsible for managing the trust)
- Instructions related to education, housing, personal, and emotional needs
With the right special needs planning strategy, you can address the financial, legal and social aspects of a person’s future life. Not only will this provide them with stability, but it’ll also give you the peace of mind you’re seeking.
Don’t delay in creating a special needs trust. If you leave your loved one assets in a more traditional manner—such as with a will—it could harm their eligibility for government benefits. At The Edwards Law Firm, P.A., we can help you create a special needs plan that suits both you and your loved one. Over the years, we have helped many people from the Jacksonville, Florida area with all aspects of special needs planning. Contact us online or via phone for more information on our services and how we can help.
