Estate Planning, Elder & Probate Law Firm in St. Petersburg Creating Peace of Mind Through Personalized Planning

Special Needs Trust Attorney in St. Petersburg

Providing for Loved Ones with Special Needs

If you have a loved one with a disability that you want to inherit money or property, a special needs trust may be the best option. At Finley Williams Law, PA, our special needs trust attorney in St. Petersburg helps clients establish special needs trusts to legally set aside money for your disabled loved one without affecting Medicaid eligibility.

Schedule a complimentary consultation by calling (727) 280-6837 or by contacting us online today.

Advantages of a Special Needs Trust

Most people with disabilities qualify for health care under the Medicaid system. Unfortunately, inheriting money or assets can change the person’s eligibility, causing them to lose their Medicaid benefits. A special needs trust is not counted as assets or income, so your loved one can still qualify for Medicaid and use the money in the trust to supplement the difference between benefits the person is receiving and their actual need.

Establishing the Trust

The special needs trust is established by the grantor with the special needs person as the beneficiary. A trustee is named. Choose a competent adult, attorney, bank, or another person who you feel comfortable handling the trust. It is a good idea to work with an attorney to ensure that the trust document is correctly worded.

There are several steps to establish a special needs trust, including:

  • The IRS must issue a tax identification number to the grantor
  • When that number is received, the grantor can begin putting money and assets into the trust
  • Items may need to be sold to put money into the trust
  • The will can specify what property and assets should be transferred to the trust upon the grantor’s death
  • Another option is to use a revocable living trust and have the assets moved from that trust into the special needs trust upon the grantor’s death

Because each situation is unique and the rules governing special needs trusts can be confusing and complex, it is a good idea to get advice from a knowledgeable special needs trust lawyer in St. Petersburg. We can answer your questions, explain the requirements of a special needs trust, and set up the trust for you.

Learn more about special needs trusts in a complimentary consultation. Contact our office by telephone at (727) 280-6837 to schedule an appointment.

Compassionate Guidance. Personalized Solutions.

Why Choose Finley Williams Law, PA?
  • Personalized Case Attention

    Every client works with our attorney on an individual basis.

  • Serving All of Tampa Bay

    Families turn to us throughout St. Petersburg and surrounding areas.

  • AVVO 10.0 “Superb” Rated

    We have earned a solid reputation for legal excellence over the years.

  • Complimentary Case Evaluations

    No-obligation consultation.