Denise Jomarron Legal Group helps disabled individuals maintain government program eligibility while accessing additional resources through special needs trusts.
People with disabilities often rely on government programs such as SSI and Medicaid to help with healthcare costs and other expenses. Unfortunately, the financial support is minimal and can leave disabled individuals close to the poverty line. At the same time, these programs are means-based, so if someone with a disability has too many resources, he or she will lose access. Sadly, that leaves families walking a tightrope while trying to provide for their children with special needs. While it can seem like an impossible task, you can reach your goals by setting up a Special Needs Trust.
The Trust must follow specific rules and guidelines for the beneficiary to maintain program eligibility. Thus, it is important to consult with a Miami Special Needs Trust attorney before moving forward. Contact our firm today to schedule a consultation.
The money inside of a Special Needs Trust can be used to supplement government programs. For instance, the Trust can be used to pay for:
A disabled individual, parent, grandparent, legal guardian, or a Court can establish a first-party Special Needs Trust on behalf of a special needs person. Most often, this is done when the disabled individual receives their own settlement money or a large inheritance. By setting up the Trust into a first-party special needs trust, they will be able to maintain their eligibility for government benefits.
The beneficiary can use the funds in the Trust throughout his or her lifetime. However, Medicaid will receive the remaining assets upon death or termination of the Trust.
If you recently received a large sum of money and are worried about the impact it will have on your benefits, contact our Miami Special Needs Trust attorney today. We can discuss this and other strategies to protect your assets.
If you would like to help a loved one with special needs, you can set up a third-party Special Needs Trust. Anyone can contribute to the Trust, except for the beneficiary. For example, you can set up the Trust and invite grandparents, aunts, uncles, and even friends to add to the balance. However, the beneficiary cannot add any money to the Trust.
The government will not receive the assets after the beneficiary passes away or the Trust is terminated. Instead, you will determine where the remaining assets go. For instance, you can have the remainder of the Trust go to your loved one’s nieces and nephews if you wish.
A third-party Special Needs Trust is a valuable tool for providing for your child without impacting government benefit eligibility. Thus, contact our Miami Special Needs Trust attorney today to discuss this and other options.
Call (305) 402-4494 or fill out the short form below. We will usually respond within 1 business day but often do so the same day. Don’t hesitate, your questions are welcome.
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A Special Needs Trust will terminate upon the beneficiary’s death. Then, the assets inside of the Trust are distributed based on the type of Trust and the instructions. However, you might need to modify the Trust instead of waiting for it to terminate. Most often, people have to modify Trusts because they were not properly structured or funded. If you find yourself in this or a similar situation, contact our Miami Special Needs Trust attorney to set up a consultation.
While you can wait until your child turns 18 to set up a Special Needs Trust, many parents prefer to get everything in order while their children are still minors. First, this ensures that the Trust is ready by the time the child reaches adulthood. Additionally, it gives people more time to add to the funds, so the balance can grow before the child accesses it. Finally, taking care of it now will ensure your child is protected if anything happens to you. If you are unsure if now is the right time to set one up, contact our Miami Special Needs Trust attorney. The attorney will go over your specific situation and make recommendations based on your goals.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.