Many Jacksonville Special Needs Trust Lawyers and estate planning lawyers are rejoicing at the fact that the law concerning special needs trusts is about to change for the better. In Jacksonville, a special needs trust can be of the best tools available for many clients of Jacksonville Special Need Trust…
As of today, the answer is no you may not create your own Special Needs Trust, but the SNT Fairness Act may change that soon. Under the current law you must have a guardian or court order to create a SNT for yourself. Congress gave the estate planning community a…
A special needs trust is a great tool to support a loved one with special needs, because if someone leaves money directly to the person it may keep the person with special needs from qualifying for government benefits. A Special Needs Trust is important because otherwise a beneficiary would most…
Congress will soon vote on passing the Special Needs Trust, Fairness Act of 2015, a bill designed to make it easier for people with special needs to create their own Special Needs Trust. A Special Needs Trust is used to enable a disabled individual to hold assets in a trust…
In Florida, courts are now permitted to judicially modify an irrevocable trust even when a trust is unambiguous. Historically, courts held the belief that the intent of the settlor, the person who creates a trust, should only be determined from the actual language of the trust document. This belief led…
A Florida Supplemental Needs Trust (SNT), also known as Florida Special Needs Trust, is a unique trust designed to benefit an individual with a disability. Supplemental Needs Trusts can be broken down into two categories, third party and self settled. In a well-executed SNT, an unlimited amount of assets can…
Florida Special Needs Trust Lawyers & Florida Supplemental Needs Trust Attorneys. Florida Families who have disabled children had a greater need for a Florida Estate Planning Lawyer to prepare for the possibility that they do not outlive their children. When people have disabilities or special needs, it’s important for parents…
The following fifteen common assets and applicable beneficiary designations should be reviewed to make sure they will not be paid (or given) directly to the special needs child: (1) IRA, 401(k) and other retirement benefits. (2) Life insurance (including employer-provided life insurance) benefits. (3) Accidental death and travel insurance benefits…
A third-party created and funded SNT can have a trust protector. At a minimum, the trust protector should can have the power to: (i) direct the trustee’s actions; (ii) receive financial-investment statements and accountings; (iii) terminate the trust (and have the assets be distributed to the remainder beneficiaries), (iv) remove…
The thirteen benefits of an inter-vivos stand alone third-party created and funded SNT are: (1) The trust can be established by the parents (or by any third party, such as the grandparents) for the benefit of the special needs child. (2) The trust provides for the investment and management of…