gift that keeps on taking
TRANSCRIPT
-
8/9/2019 Gift That Keeps on TAKING
1/1
Youve heard aboutthe gift that keeps on
giving? What aboutthe gift that keeps ontaking?In the world ofspecial needs planning,there really is such athing. And its a gifty o u d o n t w a n t t obestow on your loved
ones, however well-intentioned you are.
If you have a dis-abled family member,he probably relies on governmentbenefits like Medicaid or SSI, or willrely on them in the future. It may be
a child or grandchild with a chronicemotional or physical disability, or aspouse in a nursing home. To quali-fy for benefits, the individual cannot
exceed certain asset and/or incomelevels. And theres the rub: If you givehim a lump sum, benefits may stopflowing. Youve given a gift thatkeeps on taking!
Fortunately, with a Special NeedsTrust, you can assist your disabledloved one withoutjeopardizing gov-ernment benefits. You may create aSpecial Needs Trust regardless of thechilds age. You can fund it now, to
help with his needs while youre stillalive, or you can bequest fundsthrough your will or trust that willflow into the Special Needs Trust. Thetrust can be used to provide such ex-tras as second medical opinions, spe-cial educational equipment, supple-mental types of therapy i.e., life-en-hancing services the governmentdoes not cover.
A Special Needs Trustcan also be useful if your
spouse is receiving long-term care Medicaid ben-efits, or is likely to needthem in the future. It isoften beneficial when adisabled spouse is athome, but will neednursing care once the
well spouse dies. UnderFlorida law, when youpass away, your spouseis entitled to 30% of
your augmented estate, whetheror not the assets are probated. Byleaving this percentage (or more) in
a Special Needs Trust for your spouse,you ensure that he will not losebenefits if you pass away first. Trustfunds can be used for extras like
private nurses, perhaps aspecialized wheelchair, ortransportation to attendfamily functions. You can
also specify who will receiveany remaining trust fundsafter your spouse passesaway.
The Special Needs Trust is ascomplex an instrument as it is bene-ficial. Consult with a certified elderlaw attorney.
Joseph S. Karp is a nationally certi-fied and Florida Bar-certified elder lawattorney (C.E.L.A.) specializing in thepractice of Trusts, Estates and Elder Law.
His offices are located at 2500Quantum Lakes Drive, Boynton Beach;2875 PGA Blvd., Palm Beach Gardens;
and 1100 SW St. Lucie W. Blvd., PortSt. Lucie.
Call him at561-752-4550 (Boynton);561-625-1100 (Palm Beach Gardens);or 772-343-8411 (Port St . Lucie) .Toll-free from anywhere: 800-893-9911.E-mail: [email protected] or websitewww.karplaw.com .
Read The Florida Elder Law andEstate Planning Blog atwww.karplaw.blogspot.com.
Joseph S. Karp,C.E.L.A.
#
#
#
#
Listen to Joe Karp withAnita Finley on Saturday, April 10from 7:00-7:30 AM and Saturday,
May 8 from 7:30-8:00 AMon WSBR 740AM and on the
Internet at www.wsbrradio.com.
The Gift That Keeps on Taking