It is important to protect your loved ones and ensure that they have everything they need well into the future, even if you are not around to see it happen. One of the ways that Florida families can do this is with the establishment of a trust, especially those that have special needs family members.
A special needs trust is a way that you can provide for a family member who may not be able to care for themselves. This action will set money aside, protecting it and saving for a time in which the beneficiary may need additional care and financial support. A special needs trust can ensure that your loved one gets the support he or she needs and deserves.
What should you know about a special needs trust?
Not every family needs a special needs trust, but it could be the right solution for your family. Not only will this step protect your loved one, it can provide much-needed peace of mind for you and other members of your family. You can tailor this type of trust to match the specific needs and health care concerns of the beneficiary, and you may also designate a specific trustee to oversee the administration of the trust.
If you are unsure if this is the right step for you or wonder if this is the right time to add this to your estate plan, the following information may prove to be useful to you:
- Special needs trusts are specifically for the care of physical or mentally disabled individuals.
- This type of trust can ensure that a loved one also does not lose any government financial assistance he or she is currently receiving.
- It is possible to name a family member or other trusted individual as the trustee.
- A special needs trust can also protect an inheritance or settlement received on behalf of a disabled individual.
This type of estate planning tool could be the key to protecting your loved one and ensuring that he or she has care and security in the future. It is impossible to know what will happen in the years ahead, but making the right plans today can be a positive step for both you and the rest of your family.
If you believe that you could benefit from a special needs trust or other additions to your estate plan, you would be wise to first seek the opinion of an experienced estate planning attorney. With knowledgeable guidance, you can make decisions that will ensure the protection of your loved ones long into the future.