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Naples Estate Planning Lawyer > Special Needs Trusts

Special Needs Trusts

Special Needs Trusts are vital for families looking to provide for a loved one with disabilities without compromising their access to essential government benefits.

At Nici Law Firm, we understand the delicate balance required to manage these resources effectively. Our specialized knowledge ensures that your loved ones are cared for, now and in the future.

lawyer talking about Special Needs Trusts.

What is a Special Needs Trust?

A Special Needs Trust (SNT), also known as a Supplemental Needs Trust, is designed to hold assets for people with disabilities. The trust ensures that the beneficiaries benefit from it without disqualifying them from government programs like Medicaid or Supplemental Security Income (SSI). This trust provides much-needed financial support without disrupting the beneficiary’s eligibility for public assistance.

Types of Special Needs Trusts

Understanding the different types of Special Needs Trusts is crucial, as each is tailored to meet specific financial and care needs while preserving eligibility for essential public benefits.

Below, we detail the three main types of Special Needs Trusts, helping you identify the best option to provide optimal support for your loved one.

First-Party Special Needs Trusts: These trusts are funded with the beneficiary’s assets, often from an inheritance, personal injury claim, or divorce settlement. They preserve the beneficiary’s eligibility for public benefits.

Third-Party Special Needs Trusts: These are established by someone apart from the beneficiary, usually a parent or other family member, to provide for the disabled individual’s extra and supplemental needs.

Pooled Trusts: Managed by nonprofit organizations, these trusts combine the resources of many beneficiaries, maintaining individual accounts for each but pooling investments.

Benefits of a Special Needs Trust

Financial Security: Ensures that funds are available for the beneficiary’s supplemental needs without risking their eligibility for governmental aid.

Flexibility: Can be used to pay for various life-enhancing expenditures without compromising government benefits.

Peace of Mind: Assures family members that their loved one will continue to have a high quality of life.

Setting Up a Special Needs Trust

Creating a Special Needs Trust involves careful planning and a deep understanding of both state and federal laws. Our firm, led by James R. Nici, a Florida Board-Certified Specialist in Wills, Trusts, and Estates, provides expert guidance to ensure that your trust is compliant and effectively meets your specific needs.

Why Choose Nici Law Firm?

Choosing the right attorney for setting up a Special Needs Trust is crucial. With extensive experience and a thorough understanding of the nuances of estate planning, Nici Law Firm ensures that your trust is crafted with precision and care, tailored to your unique circumstances.

A Special Needs Trust is an essential tool for ensuring that your loved ones with disabilities are financially secure and well-cared for without losing crucial benefits. Contact Nici Law Firm at 239-449-6150 or visit us online to learn how we can assist you in creating a robust Special Needs Trust.

Get started on securing your loved one’s future today. Call Nici Law Firm at 239-449-6150 or fill out our online contact form for a detailed consultation.

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