What Is A Special Needs Trust?
The special needs trust can be either revocable or irrevocable, and may sometimes be referred to as a “supplemental needs trust” or a “supplemental care trust.”
In most cases, people create special needs trusts to protect assets for the benefit of loved ones (usually children with special needs or disabilities) who are either currently receiving government benefits such as Medicaid, Supplemental Security Income or governmental assistance, or are likely to need those benefits at some point in the future.
When properly created and administered, the special needs trust does not jeopardize the beneficiary’s eligibility for these important government benefits but does preserve vital funds that can be used supplement what the government provides. Learn more about these useful estate planning tools by contacting an experienced Pensacola special needs trust attorney at FloridaProbateSite.com for a free consultation.
Other Key Benefits
In addition to preserving eligibility for public benefits while protecting assets that can be used to enhance a beneficiary’s quality of life, special needs trusts can offer a number of other important benefits. These include:
- Shielding income or assets a beneficiary might receive in the future via legal settlements, verdict awards or inheritances
- Minimizing taxes for both the grantor (trust creator) and beneficiary
- Safeguarding against the risk that a beneficiary could be adversely influenced or taken advantage of with respect to money
- Protecting assets from creditors
Our lawyers can help you evaluate your options and establish the type of special needs trust best suited to the goals you want to achieve.
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