Are you serving as the guardian or trustee of a ward in West Palm Beach? Florida trust lawyers know that sometimes a special needs trust is needed to keep entitlements such as social security. The alternatives are either 1. losing the benefits or 2. waiving the inheritance. What do estate lawyers in Florida know about special needs trust that you need to know before you let your ward accept the inheritance?
Special Needs Trust
- What is a special needs trust?
- Probate litigation attorneys know that many state and federal benefits like social security are contingent on assets.
- Florida probate lawyers will often set up something called a special needs trust in order to allow the beneficiary to keep benefits and keep the assets, although indirectly.
- Have you spoken with a Florida estate lawyer about setting up a special needs trust?
- Probate attorneys Florida know that these are not terribly difficult to set up, just talk to an experienced probate attorney first.
- The alternatives are few and far between, it is hard to have your cake and eat it too.
- In fact failure to be honest with the State and Feds about what you own could lead to a jail sentence.
- Check out this recent case out of England dealing with a woman hiding assets in Florida!
Lying to Authorities About Assets Could Cost You Big Time
- A woman in England will be spending some time in jail after she got over 50,000 pounds from tax payers.
- The payments were based on her having needs, not special needs but the principle was the same, after an inheritance she lost the right to those benefits.
- She did not want to lose them though so what did she do?
- She lied about it.
- Probate attorneys Florida know that is not a good idea.
- The woman was actually running a business renting property in Florida and making decent money.
- Florida estate attorneys know that if you have social security disability and an inheritance a special needs trust could let you have your cake and eat it too.
- The alternative, lying could spell jail time.
Want to learn more?
Check out this recent article on the woman, click here.
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