Book A Free Consultation
As a parent or family member of a child or loved one with mental or physical disabilities, you quickly become aware of the heightened level of care and expense required to meet their needs. A child with a disability, whether they are born with it or it’s a result of an accident, requires special care and attention that is beyond what is needed for children without disabilities. This creates a need for a special plan that will ensure your loved one is taken care of in the event you are no longer around.Establishing a plan tailored to your child’s personal needs can ensure that they are provided for in the best way possible. If you want to learn more about how to get started, call our St. Pete special needs planning lawyer and see how we can help.
What Is Special Needs Planning?
Special needs planning refers to the process of managing financial and legal affairs for individuals with disabilities. It involves developing strategies to provide for their needs while ensuring they maintain their eligibility for government benefits. However, navigating the complex legal system can be challenging, especially for families with little experience in this area. This is where a St. Pete special needs planning lawyer can be invaluable.
Why You Need A Special Needs Planning Lawyer
A St. Pete special needs planning lawyer can assist families in creating a comprehensive plan that addresses their unique situation. They can help families navigate the complex laws governing Medicaid, Social Security Disability, and other government programs.
Additionally, they can help families set up trusts and other financial instruments that will guarantee their loved ones are provided for after they are gone. One of the key issues involving special needs planning is ensuring that individuals with disabilities are eligible for government benefits while still being able to enjoy an improved quality of life. This requires careful planning and consideration of various factors such as income, assets, and medical expenses.
A St. Pete special needs planning lawyer can help families navigate these issues and develop a plan that ensures their loved ones’ needs are met while still preserving their eligibility for government benefits.
What Tools Are Available?
Special needs planning tools are essential for individuals with disabilities and their families to secure their finances and maintain their well-being. Two of the most commonly used planning tools are third-party and first-party special needs trusts.
A third-party special needs trust is established using assets contributed by a third party, such as a family member or friend. It allows the beneficiary to receive financial support without affecting their eligibility for government benefits.
On the other hand, a first-party special needs trust is funded using the beneficiary’s assets, such as an inheritance or personal injury settlement. It also protects their eligibility for government benefits while allowing them to access the funds in the trust for additional expenses.
It is important to note that there are strict limitations placed on how trust funds are used. Trust distributions can not be used to pay for housing costs, food, utilities, or any expenses already covered by government programs like Medicaid or Supplemental Security Income (SSI). They can be used, however, to pay for “quality of life” items such as clothing, entertainment, companionship, housekeeping, etc. Any trust assets used to duplicate or supplement government benefits could disqualify a beneficiary from receiving further government assistance.
Why You Can Trust Our St. Pete Special Needs Planning Lawyer
Osenton Law, PC has over 30 years of experience helping clients plan for those with special needs. We understand the specific challenges and complexities that come along with that and we are here to guide you every step of the way. We offer affordable rates without compromising on the level of service and care we provide. With up-front pricing, you can rest assured knowing there will be no surprises or hidden fees along the way. Our team of dedicated professionals is committed to helping you create a comprehensive plan that addresses the specific needs of your loved one. We take the time to listen, understand, and tailor our approach to meet your family’s unique circumstances. Contact Osenton Law, PC today to schedule your free consultation!
Book A Free Consultation
Osenton Law, P.A.
Why Choose Us?
32 Years Of Experience
Long-Term Client Relationships
Predictable Legal Fees