Contact Us

Protecting the Financial Future of Florida Children with Special Needs

Florida child with special needs

Experts say that learning about the special needs of a Florida child early allows parents to have the chance to begin planning immediately, which can give parents peace of mind.

Fox 25 in Oklahoma City’s recent article entitled “How a document could protect the financial future of a child with special needs” recommends that you become knowledgeable about your health insurance coverage.

Note that your Florida child will probably need to apply for government assistance at some point, because at age 26 he will age out of his parent’s insurance.

Securing the future of a Florida child with special needs all the way to adulthood can be very difficult.

Leaving a Florida child with special needs money you’ve saved could be helpful— but it could place their benefits at risk. Instead, a supplemental trust, called a special needs trust, is the way to plan, so they have everything they need.

With a trust in place, the Florida child would need to pay for expenses in the areas not covered by the government programs.

With a special needs trust, the Florida child has no way to access the income or these assets unless they have a need.

A special needs trust is usually drafted by a Jupiter, Florida estate planning attorney attorney. This type of trust allows you to leave money or property to a loved one with a disability. These assets are placed in the trust. If you gift them outright, you could risk your loved one’s ability to receive Supplemental Security Income (SSI) and Medicaid benefits. By creating a special needs trust, you can avoid some of these problems.

Naming a guardian for your Florida  child with special needs is also very important. A guardian could help make life decisions, if the parent passes away. Therefore, make certain that it’s someone you trust. This may include a legal professional.

Reference: Fox 25 (Oklahoma City) (Jan. 27, 2020) “How a document could protect the financial future of a child with special needs”

0

Related Posts

What Should Not Be…

A last will and testament is the basic document of an estate plan, which is how you direct assets according to your wishes after you have died. However, there are…
Read more

What to Do with…

How do you make sure that the estate plan of a loved one is followed after they pass away?  There are a few things a family needs to address immediately…
Read more

What Happens If You…

Nothing in life is certain, except death and taxes, says the old adage. The same could be said about mortgages. Did you know that the word “mortgage” is taken from…
Read more