One of the main reasons why Florida parents take steps to plan ahead is because they want to provide for their children well into the future. Those who have kids with special needs know that these children may require specific types of support for the rest of their lives, and there are steps the parents can take that will ensure that happens. By implementing certain tools, parents can create an estate plan that provides for disabled loved ones without compromising their eligibility for certain benefits.
Consider the benefits of a trust
One of the main ways to care for a disabled loved one is to establish a special needs trust. This allows one to set aside and protect assets for specific uses a special needs individual may have. Assets held in this type of trust do not affect one’s eligibility for certain types of benefits and government assistance.
If a trust is not the best decision, there are other options for providing for a loved one. For example, an ABLE account or a pooled trust can also help accomplish this goal. Each situation is different, and an assessment of the specific case can help one see what tools are necessary for the full amount of protection and support he or she needs.
Look to the future with confidence
With the right estate plan, a Florida parent can look to the future with confidence. He or she can be assured that a special needs child will have financial support for years to come. Planning well and thoughtfully provides peace of mind for every member of the family.