St. Petersburg Supplemental Needs Trust Attorney

A supplemental needs trust is an important tool for individuals trying to qualify for government benefits. At Fisher & Wilsey, P.A., we have created supplemental needs trusts for clients hoping to qualify for Medicaid or for individuals trying to provide for a disabled individual, including a child. These trusts allow our clients to retain some access to assets or cash while still maintaining eligibility for benefits. If you have questions, call our office to speak with a St. Petersburg supplemental needs trust attorney about whether this is the right estate planning tool.

Choosing the Right Supplemental Needs Trust

Fisher & Wilsey can create either a first party or third party trust, depending on need.

First-Party Supplemental Needs Trusts (SNTs)

An individual can create and then fund a first party SNT with their own assets, such as savings or an inheritance. For example, Kim might reach out to our office because she has too many assets to qualify for Medicaid. We can create a first party SNT and fund it using her assets.

A first-party SNT is usually subject to a payback provision, meaning the assets will be taxed later. Nonetheless, they are important tools for Medicaid planning, allowing the creator to qualify for benefits without having to spend everything down first.

Third-Party Supplemental Needs Trusts

This type of SNT is funded by the assets from someone other than the beneficiary. Most commonly, a parent funds an SNT for a disabled child. At Fisher & Wilsey, we often create third-party SNTs as part of a comprehensive estate plan for our clients. They might have several children, one of whom has a disability. Treating each child the same in a will could prove disastrous for the child on government benefits. These situations require individualized analysis and planning.

The assets in a third-party SNT are not subject to the payback provision, so all assets can be distributed to the disabled beneficiary until their death.

Is This the Right Trust for You?

Creating and funding a trust might feel like a daunting experience. Few people have the legal knowledge to know whether they are creating the right trust, and information online is either sketchy or conflicting. Furthermore, no one wants to create a trust to help a beneficiary qualify or maintain government benefits only to discover after creation that the trust is ineffective.

Contact an experienced attorney to discuss legal options. A supplemental needs trust is a powerful tool which protects vulnerable people, but you need a seasoned attorney to ensure you create the right trust using precise language. Our firm has helped countless qualify or maintain eligibility for benefits. You have come to the right place.

Contact Our Law Firm with Questions

Government benefits are an important source of income for millions of Americans, and estate planning should not endanger their availability. Hire a law firm to navigate the complexities of maintaining eligibility for Medicaid and other programs. Call us to schedule a consultation with a St. Petersburg supplemental needs trust attorney.