Sarasota Special Needs Trust Lawyer
A special needs trust, also known as a supplemental needs trust, can be used to help someone with a physical disability, mental disability or chronic illness who would normally get government assistance (i.e., Social Security, Medicare, etc.).
The law allows you to shield assets that would go to the disabled person in a trust. The shielded assets will not be included in the disabled persons resources, because they do not belong to the person, they belong to the trust. This is important because the social security system uses a person’s assets and resources to determine how much assistance they are eligible for. Another benefit of a special needs trust, is that those resources are shielded from judgments results from lawsuits brought against the disabled person.
Can My Disabled Child or Spouse Use the Trust’s Assets?
A special needs trust is also called a supplemental trust because it is meant to supplement the assistance provided by government programs. The trust is setup to cover the additional expenses associated with caring for a disabled person; expenses that Social Security and Medicare won’t. So, the answer is yes your disabled child/spouse will be able to utilize the trust’s assets when needed with the supervision of the assigned Trustee.
How Much Does a Special Needs Trust Cost?
Like with most types of estate planning, contacting an attorney who handles this type of work is the first step. Since you are planning for someone who is unable to care for themselves, it is important to make sure everything is done right. If not done correctly, your loved one could lose necessary government assistance.
At Buckman and Buckman, P.A., we are experienced Estate Planning lawyers. We’ll guide you through the process of planning for your family member’s care.
Our fee to set up a Special Needs Trust is $2,500.
Contact us for a free review your current Estate Plan. (941) 923-7700 or fill out our online form.