Third Party Special Needs Trusts Lawyer

Estate planning is a multifaceted area of law, presenting a variety of unique challenges for individuals and families alike. One such area that requires particular attention and expertise is the formation of a 3rd Party Special Needs Trust. This crucial tool ensures that loved ones with disabilities are financially secure, without compromising their access to vital public assistance.

What is a 3rd Party Special Needs Trust?

Simply put, a 3rd Party Special Needs Trust is a legal structure designed to hold assets for the benefit of an individual with a disability. Importantly, assets placed in this trust won’t be counted when determining eligibility for public assistance programs, such as Medicaid or Supplemental Security Income. This means your loved one can access the resources they need while still benefiting from the financial support the trust provides.

Here in Florida, many families rely on public assistance programs to support their loved ones with special needs. But an inheritance, gift, or even a lawsuit settlement could jeopardize their eligibility. A 3rd Party Special Needs Trust ensures that these resources enhance their quality of life, without causing unintentional harm.

How Does It Differ From Other Trusts?

Unlike self-settled or first-party trusts, which are funded with the assets of the person with the disability, a 3rd Party Special Needs Trust is funded by someone other than the beneficiary – typically parents, grandparents, or other loved ones. Upon the beneficiary’s passing, the remaining funds do not need to reimburse the state for the medical care provided. Instead, they can be distributed to other family members or beneficiaries.

Key Considerations When Setting Up the Trust

There are several factors families should consider when establishing a 3rd Party Special Needs Trust. It’s essential to appoint a trustee who is knowledgeable about the beneficiary’s needs and responsible for managing funds. You’ll also want to outline specific instructions about how the trust’s assets can be used, ensuring that it truly benefits your loved one.

Seek Guidance to Protect Your Loved Ones

Creating a 3rd Party Special Needs Trust can seem daunting, but with the right guidance, it can be a smooth process that provides peace of mind. It’s an investment in the well-being and future of your loved one with special needs.

Engage the Expertise of the Law Office of Cameron H.P. White, P.A.

Ensuring a secure future for a loved one with special needs requires careful planning and a deep understanding of the legal landscape. At the Law Office of Cameron H.P. White, P.A., we bring both expertise and empathy to the table. Our commitment is to craft a trust that truly aligns with your family’s needs and wishes. Get in touch with us today at (904) 994-9073 and let’s ensure your loved one’s future is both protected and prosperous.