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Special Needs Estate Planning


Lake Mary, Winter Park, Longwood, and Orlando, Florida Special Needs and Disability Planning Attorney

Special needs planning involves establishing a trust to hold assets for the use and benefit of a disabled person.  There are several types of special needs trusts (“SNT”) that can be utilized:

  • Revocable SNT.  This trust is set up by a third party, i.e. a parent, grandparent or other relative.  The assets are still in estate of grantor, and any assets of the disabled person on this trust will be considered available resources.
  • Irrevocable SNT.  Transfers to this kind of trust are a current gift that do not qualify for the annual exclusion.  Assets of the disabled person in this type of trust will be considered available resources.
  • The (d)(4)(A) Trust.  This is a type of irrevocable trust set up for a person who has or is about to receive assets that would disqualify him from receiving public benefits.  It can be established by a parent, grandparent, legal guardian, or court using the assets of a disabled person under the age of 65.  The state must be reimbursed from the trust at the disabled person’s death
  • The (C)(2)(B)(iv) Trust.  This is a trust created by a parent for a disabled child or for a disabled person under 65.  Transfers of the disabled person’s assets to this trust are not considered disqualifying transfers by the trustor for Medicaid purposes.  The distributions must be (a) actuarially sound and for the sole benefit of the disabled person, or (b) that the state be reimbursed from the trust corpus upon the disabled person’s death.  It should only be used where the trustor is otherwise eligible for Medicaid.  The initial trustee should be someone other than the trustor to avoid Medicaid inclusion of assets.
  • The 76-270 trust.  This irrevocable trust is used as a receptacle for unitrust income payments from a Charitable Remainder Trust.

Please contact us if you are interested in learning more about special needs trusts.

Florida Estate Planning Attorney, Vincent J. Profaci, P.A., assists Clients with Estate Planning, Probate & Trust Administration, Corporate Law and Business Succession Planning, Real Estate Transactions, Elder Law, Long Term Care Planning, Florida Medicaid, Medicaid Crisis Planning, Wills & Trusts, Estate Administration, Asset Protection, Estate Tax Planning, Charitable Planning, Special Needs Planning, and Guardianship, in the cities of Winter Park, Longwood, Lake Mary, Maitland, and Heathrow, Florida, and the surrounding areas.  

 

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