Special Needs Planning in Venice, Florida

A special needs trust is a powerful estate planning tool designed to protect your loved one’s inheritance and preserve their eligibility for needs-based benefits.

Instead of leaving money or assets directly to them, you place it in a trust. Because the trust owns the assets, the beneficiary remains eligible for needs-based benefits while the funds in the trust are used to improve their quality of life.

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An Impossible Choice

The $2,000 asset limit for SSI and Medicaid has not been adjusted for inflation since 1989. This means even a modest inheritance or personal injury settlement can disqualify someone from benefits they desperately need.

Without a proper plan, you may face a painful decision: either leave your loved one nothing and know they will struggle financially, or leave them an inheritance knowing they will lose the benefits they need to survive.

A special needs trust solves this problem by setting assets outside of their ownership, while still providing them with access through a trustee of your choosing.

First Party vs. Third Party Special Needs Trusts

The key difference comes down to one simple question: Whose money is funding the trust? The answer determines whether you need a first-party or a third-party trust.

First-Party Special Needs Trust

These trusts are governed by federal law (42 USC 1396p(D)(4)(a)) and are funded using the disabled person's own assets, such as those from an inheritance, personal injury settlement, or life insurance payout. First-party trusts are commonly called "payback trusts" because the remaining funds must repay any Medicaid benefits received after the beneficiary's death.

Third-Party Special Needs Trust

Third-party special needs trusts are established by a third-party (typically family members (such as parents or grandparents) for a disabled loved one. To ensure that the assets in the trust don’t impact program eligibility, the beneficiary cannot have the authority to revoke or terminate the trust. They also cannot have the authority to determine how the trust assets are used.

Hear From Our Clients

Amanda A.

"From the very first phone interaction, which was very professional and friendly, to the signing ceremony. Andrej was great in guiding us through the estate planning process and answered all the questions we had with ease and clarity. Everything was done smoothly. Highly recommend!"

Your Peace of Mind is Our Priority.

Call our office at (941) 441-9193 to schedule an appointment.

Whether you're planning your estate or dealing with an unexpected inheritance, we'll make sure you understand your options and get the protection you need.

Schedule a Consultation.