Elder Law > Special Needs Trusts
Both federal and state law recognize that a disabled individual may be the beneficiary of an inheritance, settlement or other lump sum payment or income stream that would deprive the disabled individual of desperately needed public assistance dollars. Thankfully, there are exempt trusts which, if properly created, funded and administered, will allow the disabled individual to continue to receive public assistance, while accessing the funds received for additional care.
McConnaughhay, Duffy, Coonrod, Pope, & Weaver, P.A. is able to assist the disabled, elders and their families with these complex yet vital instruments, known as "special needs trusts." Used in conjunction with other planning, a special needs trust can greatly increase the disabled individual's quality of life and maximize the care provided by public assistance. Private rooms, extra therapies, education, prosthetics, computers and other technologies are just a few of the many examples of how the funds may be used.
Special needs trusts can also be incorporated into an estate plan, so that an inheritance may be left for the use of a disabled beneficiary, without concern over that beneficiary losing public assistance benefits.
McConnaughhay, Duffy, Coonrod, Pope & Weaver, P.A. is active in the community of special needs recipients and the professionals with expertise in the area. This allows the firm to provide a comprehensive range of planning advice to the disabled individual, their family and representatives.
The obligations of a special needs trustee can be overwhelming, and are critical to the retention of public assistance for the beneficiary. McConnaughhay, Duffy, Coonrod, Pope & Weaver, P.A. represents a number of trustees in this area, and provides advice with respect to the specialized nature of this type of administration as well as the trustee's general fiduciary duties.
For additional information on our practice, contact:
Mary L. Wakeman, Esquire
mwakeman@mcconnaughhay.com
P.O. Drawer 229
Tallahassee, Florida 32302
Phone 850.222.8121
Fax: 850.222.4359