Do you want to set up a special needs trust for your loved one? Would you like to make sure you have the money needed to maintain a quality standard of living if you become incapacitated? Count on Baby Boomers’ Barrister for assistance with special needs planning. We’ll consult with you to determine the most suitable trust for your needs and answer all of your questions.
Schedule a consultation today with the special needs planning attorney at Baby Boomers’ Barrister. We serve clients in Tampa and St. Petersburg, Florida. Baby Boomers’ Barrister is the firm to call for help with setting up a:
- Self-Settled Trust (SNT)
- Pooled Trust
- Third-Party SNT
- Sole Benefit Trust
Start the special needs planning process with Baby Boomers’ Barrister as soon as possible. Call our St. Petersburg office at 727-565-4250 or our Tampa office at 813-200-4485 for an appointment.
Caring for a loved one with special needs can be challenging. One of the most challenging aspects of care is how to pay for it and how to ensure that the special needs individual is and continues to be financially secure. Families of any net worth need this type of planning if a loved one is or may become incapacitated.
A Trust is a property interest held by one person (the trustee), at the request of another (the settlor) for the benefit of a third party (the beneficiary). A Trust involves three elements: A trustee, who holds and manages the trust property; one or more beneficiaries, to whom the trustee owes duties with concerning the trust property; and the trust property which is held by the trustee for the beneficiaries.
Special Needs Trusts
In the case of a special needs individual, a trust is established to hold and manage assets for the benefit of that individual. It can be designed to supplement, rather than replace, any government benefits that the individual may be receiving. It can also be used to manage the assets of a special needs individual when the primary caregivers are no longer able to do so.
Types of Special Needs Trusts (SNT)
Self Settled (1st party) SNT – This is an exempt transfer under Medicaid or SSI for the benefit of a disabled individual under 65. The grantor can immediately qualify for Medicaid. It is typically used for a personal injury settlement, malpractice settlement, inheritance, or excess assets. The trust is payable at death to state up to the amount of medical assistance paid.
Pooled Trust — Self settled trust for somebody over 65.
Third Party SNT — This is the same as any trust but has special provisions for special needs. You can do with assets whatever you want. Doesn’t have the same restraints as 1st party SNT, because it is a penalizing transfer under Medicaid rules. It is typically used when a parent wants to put money in trust for a disabled child or when a child wants to put money in trust for a disabled parent.
Sole Benefit Trust — This is a Third Party SNT used for exempt transfer to allowable beneficiaries: Spouse, third party for benefit of a spouse, a disabled person under 65, or disabled child any age. It is typically used when a parent needs to qualify for Medicaid, but a disabled child (or another party) is on Medicaid. The transferee want to qualify but not disqualify the transferee.