Special Needs Planning In Jacksonville

Effective special needs planning often involves creating a special needs trust. Special needs trusts are a critical component of effective estate planning if you have a loved one with a disability for whom you wish to provide after your passing. For many parents, a special needs trust is the most effective way to help their child with a disability. The trustee of a special needs trust manages resources while also maintaining the child’s eligibility for public assistance benefits such as SSI and Medicaid. A common type of special needs trust is called a third party trust where someone other than the special needs individual sets up the trust for the benefit of the person with special needs. Usually parents and grandparents set up third party special needs trusts. These types of trusts either can be established as a stand-alone trust created during the lifetime of the parent or grandparent or it can be contained within an existing living trust that comes into existence after you pass away. Either way, a third party trust is funded with the parent’s or grandparent’s assets (instead of the special needs individual’s assets). An asset that is frequently used to fund a third party special needs trust is life insurance. Read more about Estate Planning For Special Needs Family Members.