Every estate plan is different, and each individual should look to his or her plans for the future and potential family needs in order to create the right strategy. If a Florida family has a loved one with special needs, there are specific estate planning tools that will allow them to care for this individual well into the future. This can be done with a special needs trust, a tool that will allow one to set aside and protect wealth for a specific use.
The benefits of this type of trust
Assets held in a trust are protected from probate, and in a special needs trust, these assets do not affect one’s eligibility for government benefits. This includes financial support from the Social Security Administration. A special needs trust ensures one has what he or she needs for the future.
This is a beneficial tool in an estate plan for someone who is unable to manage his or her own affairs or care for him or herself. The funds can be used for housing, clothing, food and other needs one may have. A trustee will oversee the distribution of the funds on behalf of ther beneficiary of the trust.
The right strategy
Developing the right estate planning strategy starts with an assessment of the individual case. A Florida family can take steps to ensure the care and support of a special needs loved one with a specific type of trust. This can be a beneficial addition an existing plan that will provide peace of mind for the future.