Creating a special needs trust for a loved one is one of the most protective things a Florida family can do. Here is what the process involves.
1. Choose the right type
Most families planning ahead use a third-party trust, funded with their own assets and free of Medicaid payback. The beneficiary’s own money calls for a first-party trust instead.
2. Name a trustee
The trustee manages the money and makes distributions that don’t jeopardize benefits. Choose someone responsible and detail-oriented, and name a backup — a professional or corporate trustee is common for larger trusts.
3. Fund it and draft it correctly
You can fund the trust now or leave assets to it through your will or living trust and life-insurance beneficiary designations. The document must be drafted to satisfy SSI and Medicaid rules — a single misstep can disqualify your loved one from benefits. Contact Hochberger Law to have it done right.
This article is general information about Florida law, not legal advice. Please consult a Florida attorney about your specific circumstances.