What should a special needs plan address?

A special needs plan can proactively address many concerns by creating a legally sound strategy that plans for a loved one's future financial, medical, and personal needs; maintains eligibility for important government benefit programs; plans for succession in guardianship and trustees; and safeguards current assets for the future. Planning can also address tools like ABLE accounts, which are tax-advantaged savings accounts for people with disabilities that can be used for expenses like medical care and housing without compromising eligibility for benefits programs.

What types of Special Needs Trusts are available in Florida?

In Florida, there are several types of Special Needs Trusts, and the one you choose will typically depend on the source of funding. A First-Party Special Needs Trust is funded with assets that belong to the beneficiary (such as an inheritance they received directly); it maintains eligibility for government benefits, but upon the beneficiary’s death, remaining funds must be reimbursed to the state. A Third-Party Special Needs Trust is funded by someone other than the beneficiary (such as relatives); it preserves eligibility for benefits while providing supplemental support, and there are no requirements for repayment after the beneficiary’s death.

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Q: What are common mistakes people make when special needs planning?

Common mistakes include leaving assets directly to the individual (which can push them over strict resource limits for programs like Supplemental Security Income and Medicaid), failing to name beneficiary designations correctly on accounts like retirement accounts or life insurance (so funds pass to the individual instead of a Special Needs Trust and may disqualify them from means-tested benefits), failing to plan for guardian and trustee succession (which can lead to court appointment of someone unfamiliar with the beneficiary’s needs), and not coordinating with professionals.

Caring for a loved one with special needs is a serious responsibility, and you know how important it is to make the best decisions you can on their behalf. But you also know that you might not always be around, and you may spend more time than you’d like worrying about it.

Smart planning that implements the right legal strategies can set your mind at ease and protect your loved one for the rest of their life. Our special needs planning lawyers in Broward can review your circumstances and help you choose the right legal and financial tools.

The Siegel Law Group, PA., serves families, seniors, and their loved ones throughout South Florida, and our team has more than 100 years of combined legal experience. Find out how our estate planning lawyers in Broward can help during your free, in-office consultation.

What to Address in a Special Needs Plan

Creating a special needs plan to protect your loved one into the future lets you proactively address many of the issues that may be concerning you. Our special needs planning attorneys in Broward can help you establish a legally sound strategy that:

Plans for your loved one’s future financial, medical, and personal needs
Maintains their eligibility for important government benefit programs
Plans for a succession in guardianship and trustees
Safeguards their current assets for the future

Through planning, you also address things like ABLE accounts. These are tax-advantaged savings accounts for people with disabilities that can be used for things like medical care and housing without compromising eligibility for benefits programs.

For a free legal consultation with a special needs planning lawyer serving Broward, call 561-955-8515

Special Needs Trusts

A Special Needs Trust in Florida is a legal tool that holds and manages assets for a person with special needs without negatively impacting their eligibility for government benefits such as Medicaid or Supplemental Security Income.

The assets held in the trust are out of the beneficiary’s control. Instead, trustees manage the trust and may use the funds to pay for expenses not covered by public assistance, such as therapy, education, or recreation.

Our special needs planning attorneys can help you draft a trust tailored to your loved one and your family’s needs, and understand how to best manage it. This starts with the type of special needs trust you will need to use.

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Types of Special Needs Trusts

In Florida, there are several types of Special Needs Trusts to consider when building a special needs estate plan. The one you choose will typically depend on the source of funding. These include:

First Party Special Needs Trusts

A First-Party Special Needs Trust is funded with assets that belong to the beneficiary, like an inheritance they received directly. It maintains eligibility for government benefits; however, upon the beneficiary’s death, remaining funds must be reimbursed to the state.

Third-Party Special Needs Trusts

This type of trust is funded by a party aside from the beneficiary, such as their relatives. It, too, preserves eligibility for important benefits while providing supplemental support. But there are no requirements for repayment after the beneficiary’s death.

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Common Mistakes People Make When Special Needs Planning

Estate planning is complicated, and it is easy to make mistakes. Some of the most common errors in our Broward special needs planning lawyers often see include:

Leaving Assets Directly to the Individual

By leaving assets directly to a person with disabilities in a will, you can inadvertently push them over strict resource limits set by programs like Supplemental Security Income and Medicaid. Instead, leave assets to the Special Needs Trust.

Failing to Name Beneficial Designation Correctly

If retirement accounts, life insurance, or payable-on-death accounts name an individual directly instead of a Special Needs Trust, the funds will pass to them. This can disqualify them from means-tested benefits due to having excess assets.

Failing to Plan for Guardian and Trustee Succession

Without clear successor guardians or trustees, courts may need to appoint someone unfamiliar with the beneficiary’s needs. Be sure to establish legal protections that indicate who should make important decisions.

Not Coordinating With Professionals

With so much on the line if you make a mistake, it’s smart to get help from an attorney who understands estate planning in Florida. You can rest easy knowing your special needs estate plan is legally sound and accomplishes what is intended.

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Consult With Our Special Needs Planning Attorneys in Broward

It’s easy to be worried about the future these days, when the world seems more uncertain than perhaps ever before. You can take action and protect your loved one with special needs not only today but for the years ahead by building a plan that considers their best interests.

Housing, medical care, and benefits that provide financial support are all important factors, and it can be hard to know where to start. Our special needs planning attorneys in Broward will help you understand your options and come up with a strategy that gives you peace of mind.

For more than two decades, our team at The Siegel Law Group, PA., has advocated for the rights of Florida families and helped with their difficult legal challenges. Call today to schedule your free, in-office consultation and discuss the hurdles you are facing.

Call or text 561-955-8515 or complete a Free Case Evaluation form