St. Petersburg Special Needs Trust Attorney

Providing for a loved one with a disability requires careful planning. There are many considerations, especially related to ensuring the disabled beneficiary continues to qualify for necessary government benefits. If you leave a large gift to someone on government assistance, then you might disqualify them from receiving those benefits in the future. To avoid that unfortunate result, reach out to Fisher & Wilsey, P.A. today to speak with a St. Petersburg special needs trust attorney.

Why Choose a Special Needs Trust?

A trust is a legal arrangement for holding assets for the benefit of someone else. A trustee will manage the assets for the beneficiary you name. Many of our clients have a disabled child or another relative, and they hope to provide for this person.

Legal complications arise where the disabled beneficiary is receiving benefits. Many government programs are means tested and look at the recipient’s income, assets, or both. If a person is over the applicable thresholds, then they will be disqualified.

The last thing our clients want to do is make someone ineligible by leaving them a gift in a will. That’s where a special needs trust comes in. This trust should help supplement government assistance without putting those benefits in jeopardy.

A special needs trust can provide for:

• Travel
• Caregiving
• Therapy
• Services
• Education
• Clothing
• Home furnishings

However, you must be careful about using the trust to make certain gifts related to food or shelter, which might disqualify the beneficiary from Supplemental Security Income (SSI) or other benefits.

Is Creating a Special Needs Trust Difficult?

No. Most of the work comes in the planning stage. Contact an attorney who has handled these trusts for information. Here is a basic overview of how to create a special needs trust:

1. Draft the trust document. This will explain how to invest the assets in the trust, as well as how funds are disbursed to the beneficiary. Avoid fill-in-the-blank forms you find online since those might not work for your situation.
2. Name a trustee to manage the trust. As the person creating the trust, you can also serve as trustee, but be sure to name a successor trustee to take things over when you die or if you become incapacitated.
3. Name the beneficiary (the person who will receive the benefits).
4. Sign and notarize the trust document.

Our firm can also discuss the best way to fund the trust. Some people use cash or property, while others might use other assets in their estate. Ideally, the special needs trust also works with your overall estate plan.

Contact Us to Discuss Your Needs

Providing income to a loved one is a great benefit of estate planning. When a beneficiary is on government assistance, however, the process is fraught with complications. To smooth out the process and ensure you have created the documents you need, call Fisher & Wilsey today. A St. Petersburg special needs trusts attorney can meet to go over whether this is the right trust for you.