Broward County Special Needs Planning Lawyer

If you have a child or a loved one with special needs, you look out for them every single day to ensure those needs are met. However, there may come a time when you are no longer able to do so on your own, which is why you should strongly consider creating a comprehensive special needs plan today. Special needs planning is the process of creating a legal and financial plan that ensures the well-being and quality of life of your special needs beneficiary. Contact a dedicated Broward County special needs planning lawyer from The Probate Lawyers today so we can help you get the peace of mind you deserve.

Special Needs Planning Lawyer | Here to Help You Care for Your Loved One

When it comes to crafting a special needs plan for your loved one, you have a lot to consider, including whether you’ll craft a first or third-party special needs trust, how you’ll fund the trust, updating and revising your special needs plan, and coordinating your special needs plan with your overall estate plan. Fortunately, an experienced Broward County estate lawyer can help ensure your special needs plan covers all the basis and fully provides for your loved one with special needs when the time comes.

Special Needs Planning in Florida

Special needs planning is the process of creating a legal and financial plan that ensures the well-being and quality of life of your special needs beneficiary. The core element of special needs planning is a special needs trust, also known as a supplemental needs trust. A special needs trust is a type of trust that is created for the benefit of a person with a disability who meets certain criteria. The trust holds assets that can be used to supplement, but not replace, the public/government benefits that the beneficiary receives.

Important Elements to Address in a Special Needs Plan

A comprehensive special needs plan can help you achieve your personal and family goals, including the following:

  • Providing for your special needs beneficiary’s current and future needs (financial, personal, and medical)
  • Preserving your special needs beneficiary’s eligibility for government benefits such as Supplemental Security Income and Medicaid, despite having excess income or assets
  • Safeguarding your special needs beneficiary’s assets from creditors or predators or may wish to take advantage of them
  • Appointing a guardian or a trustee to manage your special needs beneficiary’s affairs, such as paying bills, making doctor’s appointments, and more

Types of Special Needs Trusts in Florida

Depending on the source and timing of the funds used to create the trust, there are two main types of special needs trusts: first-party special needs trusts and third-party special needs trusts. First-party trusts, also known as self-settled or d4a trusts, are funded using the beneficiary’s own assets, such as their inheritance, and must be created by the beneficiary’s parent, grandparent, legal guardian, or the court before the beneficiary reaches the age of 65. First-party trusts must also include payback provisions that require remaining trust assets to be used to reimburse Medicaid for benefits provided to the beneficiary during their lifetime.

Third-party trusts, on the other hand, are funded using assets belonging to someone other than the beneficiary, such as their parents or a legal guardian. Generally, third-party trusts do not include payback provisions, meaning any remaining funds in the trust can be distributed to other beneficiaries upon the death of the special needs beneficiary.

Contact a Special Needs Planning Lawyer Today

The Probate Lawyers is here to help you craft a special needs plan that can give you peace of mind, knowing your loved one will have continued access to the resources they need to live their best life, even after you pass away. If you have any questions about special needs planning or would like to create a plan tailored to your loved one’s needs, simply contact our Broward County firm today.

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