A Florida Special Needs Trust (SNT) is a kind of trust that offers support to a family member with special needs while safeguarding their government benefits. Individuals with physical or mental disabilities often rely on government programs like Medicaid or Supplemental Security Income (SSI). A SNT may be a import part of your estate plan in Florida.
A SNT is a legal tool created by a grantor and managed by a trustee, who is responsible for disbursing funds to cater to the beneficiary’s needs, such as healthcare, education, and personal care. These disbursements are made in a way that doesn’t put the beneficiary’s government benefits at risk.
A SNT can also provide extra support for personal grooming, dry cleaning, companionship, housekeeping, and some medical services, equipment or therapies. However, it cannot replace or duplicate Medicaid’s assistance, such as for rent, mortgage, food, and utilities.
Different types of Special Needs Trust in Florida
There are different types of Special Needs Trusts, depending on assets. Creating and maintaining a SNT requires legal guidance to ensure that it meets all Florida law requirements and serves the beneficiary’s best interests.
Talk to Our Florida Estate Planning Lawyers
If you’re looking for assistance with the Florida legal process, our Naples estate planning lawyers and Marco Island estate planning lawyers can help you. Contact Woodward, Pires & Lombardo, P.A. at 239-394-5161 or send us an email to arrange a consultation today.