Tampa Special Needs Planning Attorneys
Helping You Ensure Your Wishes Are Upheld
Special needs planning refers to the financial and legal stipulations you can make to ensure yourself or family members with special needs have sufficient resources for a lifetime. You can create a legal arrangement of this type to plan for any future mentally incapacities you may endure or to ensure a mentally disabled family member is always looked after, should anything happen to you.
Call our Tampa special needs lawyers at (813) 773-8233 to learn about how we can help you.
Special Needs Trusts
A special needs, or supplemental, trust, is a legal arrangement that allows you to name a disabled family member as a beneficiary to receive lawsuit settlements, gifts, or other funds while remaining eligible for government programs. This is helpful because a trust of this type will allow your loved one to obtain financial security while still receiving support from public assistance programs.
There are a few different types of special needs trusts:
- Disability (d4A) Trusts: This is established with the assets of a disabled person under the age of 65. The person in question can establish it or their parent, grandparent, legal guardian, or the court can. These assets must only be used for the benefit of the beneficiary and must pay Medicaid back after the beneficiary passes away. If there are any remaining assets, they will be distributed among family members.
- Qualified Income (d4B) Trusts: This type of trust pools the resources of several beneficiaries and the trust is managed by a non-profit organization. This type of trust can be created for beneficiaries of any age and does not need to be paid back if the pooled funds are used for the benefit of other beneficiaries.
- Stand Alone Trusts: This is a form of living trust and can be customized to fit the needs of the trustee.
- Stand By Trusts: This is created in a will or living trust. It can also be customized to fit the needs and circumstances of the trustee.
This type of legal action is utilized for people who wish to plan for if they ever become mentally incapacitated. If you suffer a brain injury from internal or external sources and do not have an incapacity plan in place, your family may make medical decisions you may not agree with. Additionally, the court could declare you incompetent and order someone you do not trust to manage your affairs.
The first thing you should do when creating an incapacity plan is determine who among your friends and family can be trusted to make decisions on your behalf. Additionally, to ensure your wishes are carried out, you should consider creating a power of attorney document that carries instructions for how you would like your medical care handled.
Contact Our Tampa Special Needs Planning Lawyers Today
Devolder Law Firm is here to help you determine which special needs plans work for your unique situation and ensure the documents are completed correctly. We offer all our clients sound legal counsel and advice.
Call our office at (813) 773-8233 or complete our online contact form to schedule a consultation today.
Our firm acknowledges clients concerns about paying for an attorney. We keep hourly fees reasonable for the average suburban family.
Our firm is conveniently located in a suburban first-floor office building with easy-access parking, less than 5 minutes from i-75.
Our clients always come first. We take the time to get to know you and understand your case. We're always available when you need us most.
We consider both legal and practical solutions that will help you achieve your goals.
Our goal was to create a law firm that you can relate to, one that is convenient to your home and easy to communicate with.
We understand you need answers - we prioritize your needs and keep you up to date with your case every step of the way.