Orlando Area Special Needs Planning
Florida Elder Law
Special Needs Planning focuses on providing for the special needs of our loved ones with disabilities when we are no longer here to organize and advocate on their behalf. Parents of children with special needs must make careful estate planning choices to coordinate all of the legal, financial, and special care needs of their children – both now and in the future.
Planning for your loved one with special needs requires extensive research to become a well-educated advocate. You will want to keep up-to-date on the latest medical, educational, financial, and legal changes. Linda Solash-Reed, P.L. provides assistance to you and your family in addressing your unique concerns. We hope this Special Needs Planning Resource Center provides you with a quick reference to find the additional resources you may need.
An Overview of Special Needs Planning
There are several types of trusts to assist with these special planning challenges. The most common type is Special Needs Trusts. These are two of the types of Special Needs Trusts:
- Third-Party Special Needs Trust: Created using the assets of the parent(s) as part of an estate plan; distributed by a Will or Living Trust.
- Self-Settled Special Needs Trust: Generally created by a parent, grandparent or legal guardian using the child’s assets to fund the Trust (e.g., when the child receives a settlement from a personal injury lawsuit and will require lifelong care). If assets remain in the Trust after the child’s death, a payback to the state is required, but only to the extent the child receives public assistance benefits.
Special Needs Trusts are a critical component of your estate planning if you have loved ones with disabilities for whom you wish to provide after your passing. Generally, Special Needs Trusts are either stand-alone trusts funded with separate assets (like life insurance) or they can be sub-trusts in existing living trusts.