How To Protect Disabled Or Impaired Loved Ones
A well-intentioned inheritance to an elderly or disabled loved one could result in exactly the opposite of what was intended. Coming into a large sum of money could disqualify him or her from eligibility for Medicaid and Supplemental Security Income (SSI).
At the law office of L. Bruce Swiren, P.A., our estate planning lawyers have more than 50 years of experience providing dedicated service and strategic representation for Florida families. Our goal is to preserve assets for your disabled relatives and protect eligibility for government disability programs such as Medicaid.
Contact one of our Orlando lawyers with experience creating special needs trusts designed to protect the elderly and the disabled.
Requirements And Benefits Of Trust Funds
The creation of a special needs trust is recognized by the federal government if the beneficiary is in financial need and is either developmentally disabled or has a physical or mental impairment that qualifies him or her for government assistance. You are able to create a trust for the benefit of yourself or a third party.
Special needs trusts such as Medicaid qualified income trusts are a crucial component of Medicaid planning and other aspects of planning for long-term health care — helping to meet health care needs for the future and supplement financial needs while still entitling you or your loved one to benefits. They also have the added benefit of shielding assets from creditors.
Special Needs Trusts For The Disabled
Special needs trusts are not only used for protecting the elderly, but they can also be used to ensure assets are available for continuing care of a disabled loved one.