Do you have a loved one with Down Syndrome? Did you know that National Down Syndrome Awareness Month is in October? This month provides an essential reminder that it may be a good time to create an important and financially stable future for your loved one with Down Syndrome. There is no question that you need to be sure your loved one is cared for throughout their lifetime without placing access to essential benefits in jeopardy.
How can you accomplish this? By special needs planning which can be an integral part of your Florida estate plan through a special needs trust. A special needs trust is a legal tool designed to provide for a loved one with a disability, such as Down Syndrome. without jeopardizing their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). These benefits are often crucial in ensuring their ongoing care and medical support. Be aware, if you simply gift or leave assets directly to your loved one you may disqualify them from these programs and that is where a special needs trust comes in.
The special needs trust you create would allow you to set aside assets, such as cash, investments, or property, that would be managed and distributed by a trustee. The trustee you select could use the funds to pay for items like education, recreation, medical expenses not covered by insurance, and other quality-of-life expenses. Most importantly, because these assets are owned by the trust and not by your loved one directly, they will not interfere with eligibility for public assistance programs.
It is crucial to choose the right trustee to help guarantee the success of your special needs trust. The person or entity of your choosing will be responsible for managing the trust’s assets, making distributions, and ensuring that your loved one’s needs are met while preserving their access to essential benefits. Many of our client’s choose a trusted relative, friend, or a professional or corporate trustee who has experience managing special needs trusts.
One of the significant advantages of a special needs trust is its flexibility. It can be tailored specifically to meet the needs of your loved one with Down Syndrome. This includes planning for future care, managing daily living expenses, and even addressing the potential costs of long-term care. An experienced Florida estate planning attorney can help ensure that your trust complies with Florida law and is structured to meet your loved one’s unique needs.
Florida estate planning can be complex, especially when considering the long-term care of a loved one with special needs. An experienced Florida estate planning and elder law attorney will be able to guide you through the process, ensuring that your estate plan aligns with your goals for your loved one’s future. Your attorney can help you establish a special needs trust and explore other legal strategies to maximize the protections available under Florida law.
We know this article may raise more questions than it answers. If you have a loved one with Down Syndrome, there is no better time than the present to plan for their future. A special needs trust can ensure that your loved one receives the care and support they deserve, both now and in the future, while protecting their eligibility for essential public benefits.
At Britton G. Swank, P.A., our mission is to guide you in the right direction to help you provide for yourself and your loved ones no matter what the future holds. We want to help you control the assets you have, leave them to people and causes you care about, when you want, in the way you want. We can help you take care of yourself and those you love in the event of disability due to illness, injury or old age. No matter what risks unfold, we can help give you the comfort of knowing you are prepared. We want you to feel good about your future and the future of your loved ones. We encourage you to contact us and schedule a meeting.