Establishing a good estate plan is more than just dictating what you want to happen to your property and assets when you die, it's about making sure that your loved ones are being taken care of after you're gone. This is why it's key for all of our readers to talk to a lawyer about their end-of-life wishes before it's too late.
Lawyers skilled in estate planning measures, such as any of our attorneys here at Frese Hansen, understand what could be at stake if you fail to establish the right measures for your situation. Consider for a moment if you were a retiree with a special needs child. Like most of our Melbourne readers, you probably would want to make sure that they were financially set after you passed away. But would you know how to make this happen without jeopardizing their eligibility for government assistance?
If you're unsure how to answer this question, you're not alone. Most people don't have the extensive legal background necessary to know that a special-needs trust would be best suited for an individual in this situation. For those who don't know, a special-needs trust makes funds available to a beneficiary with special needs without jeopardizing their "eligibility for certain need-based government benefits," as the Florida Bar explains.
As we said above, establishing a good estate plan is important because it provides your loved ones with support well after you're gone, which is incredibly important for special needs beneficiaries who may be unable to work or have considerable health care needs. By establishing a special-needs trust with the help of a lawyer, an individual can make sure that their loved one receives the monetary help they need without fear that it could be squandered or jeopardize their eligibility for benefits later on.