For many parents and guardians of children with special needs, ensuring their loved one’s long-term well-being is a top priority. A crucial tool in this endeavor is the Special Needs Trust (SNT). However, a common concern arises: Will establishing a Special Needs Trust affect their child’s eligibility for benefits? Let’s explore this question with insights from a Brandon Special Needs Lawyer.
 The Essence of a Special Needs Trust
A Special Needs Trust is designed specifically to hold assets for the benefit of a person with disabilities. The primary goal is to enhance the quality of life for the individual without jeopardizing vital government benefits they may be receiving, such as Supplemental Security Income (SSI) or Medicaid.
Key Points to Consider
- Resource Limits: Programs like SSI have strict resource limits. Directly giving money or assets to a person with disabilities might disqualify them from these benefits. However, a properly structured Special Needs Trust ensures that these assets don’t count toward these limits.
- Trust Management: The trust is typically managed by a trustee who has the discretion to use its assets for the beneficiary’s benefit. The beneficiary doesn’t have direct control, which aids in maintaining benefit eligibility.
- Types of SNTs: There are different kinds of Special Needs Trusts, including First-Party SNTs (funded with the beneficiary’s assets) and Third-Party SNTs (funded by someone other than the beneficiary). Each has its own implications and benefits. Consulting with a Brandon Special Needs Lawyer can provide clarity on the best option.
- State Considerations: While federal laws guide many public benefit programs, states can have their specific guidelines. It’s crucial to understand Florida’s stance on SNTs and how they interact with local benefits.
Guidance from a Brandon Special Needs Lawyer
Creating a Special Needs Trust is a significant step that requires expertise. A misstep could inadvertently jeopardize the very benefits you’re trying to protect. Collaborate with a knowledgeable Brandon Special Needs Lawyer to ensure that the trust is established correctly and remains compliant with evolving regulations.
Getting Help
A Special Needs Trust, when crafted with care, can provide your loved one with an enhanced quality of life without risking essential public benefits. Working with a Brandon Special Needs Lawyer can ensure that the trust serves its purpose effectively, safeguarding your loved one’s future. If you have questions or need assistance, reach out to our law firm at (813) 438-8503 to schedule an appointment.