Sarasota Lawyer Creates Plans to Support Relatives with Special Needs

Sensitive and secure estate planning for your disabled family members

Parents and grandparents of disabled children face difficult questions about the future. Addressing the financial concerns of special needs family members can be a challenge, but effective solutions do exist. Teresa K. Bowman, P.A. in Sarasota works closely with clients who seek to provide financial support to loved ones without affecting their eligibility for government assistance. By crafting personalized legal instruments, I can relieve your stress and build a strong foundation for your loved one’s future.

Knowledgeable adviser addresses your specific concerns

As an elder law attorney with more than 15 years of experience in estate planning, I offer insights on reliable ways to assist your disabled loved one now and in the future. Your options can include:

• Third-party trust — This is a type of trust you create with your funds for the benefit of your loved one with special needs. The trust can pay an allowance that enhances your loved one’s standard of living without threatening eligibility for Medicaid and Supplemental Security Income benefits. When a beneficiary dies, assets from these instruments are not subject to the payback provision from Medicaid. You can establish a third-party trust through your will, so it goes into effect at your passing, or you can set it up during your lifetime for present or future use.
• Self-settled trusts — In cases where an intended beneficiary has their own funds, a parent, grandparent, guardian or the court can create this type of trust. This is a common method of dealing with a personal injury damage award, where an accident has left a loved one in need of lifelong care. If assets remain in the trust after the beneficiary’s death, the government can attach those funds to satisfy a Medicaid lien.
• Pooled trusts — A pooled trust is a fund established and operated by a nonprofit organization for the benefit of those with special needs. Pooling the assets allows the trust to afford more professional management and to make more stable investments, but each beneficiary maintains a separate account. Beneficiaries remain eligible for government benefits, and assets remaining in the trust after their death revert to the government to satisfy Medicaid liens.

Trusts are very flexible instruments that you can tailor to your specific needs. I work closely with you to create a trust that achieves your goals for your loved one. If you have questions or concerns about other issues associated with special-needs trusts, or your own long-term planning, I am ready to offer knowledgeable, compassionate help.

Contact a dedicated Florida lawyer for assistance with a special needs trust

Teresa K. Bowman, P.A. advises people in Sarasota and Manatee counties on the creation and administration of special needs trusts. Please call 941-735-5200 or contact my office online to schedule an appointment.