Creating Peace of Mind Through Personalized Planning in St. Petersburg & Lakewood Ranch
Special Needs Trust Attorney in
St. Petersburg & Lakewood Ranch
Providing for Loved Ones with Special Needs
If you have a loved one with a disability that you want to inherit money or property, a special needs trust may be the best option. At Finley Williams Law, PA, our special needs trust attorney in St. Petersburg and Lakewood Ranch helps clients establish special needs trusts to legally set aside money for your disabled loved one without affecting Medicaid eligibility and with avoiding the Florida probate court process.
Advantages of a Special Needs Trust
Most people with disabilities qualify for health care under the Medicaid system. Unfortunately, inheriting money or assets can change the person’s eligibility, causing them to lose their Medicaid benefits. A special needs trust is not counted as assets or income, so your loved one can still qualify for Medicaid and use the money in the trust to supplement the difference between benefits the person is receiving and their actual need.
Establishing the Trust
The special needs trust is established by the grantor with the special needs person as the beneficiary. A trustee is named. Choose a competent adult, attorney, bank, or another person who you feel comfortable handling the trust. It is a good idea to work with an attorney to ensure that the trust document is correctly worded.
There are several steps to establish a special needs trust, including:
- The IRS must issue a tax identification number to the grantor
- When that number is received, the grantor can begin putting money and assets into the trust
- Items may need to be sold to put money into the trust
- The will can specify what property and assets should be transferred to the trust upon the grantor’s death
- Another option is to use a revocable living trust and have the assets moved from that trust into the special needs trust upon the grantor’s death
Estate Planning
Contact Us Today For A Consultation
Because each situation is unique and the rules governing special needs trusts can be confusing and complex, it is a good idea to get advice from a knowledgeable special needs trust lawyer in St. Petersburg. We can answer your questions, explain the requirements of a special needs trust, and set up the trust for you.
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Why Choose Finley Williams Law, PA?
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