Certain individuals or families may have the ability to set up first party or third party special needs trusts. But there is another, often more cost-effective special needs trust option: Medicaid pooled special needs trusts. The point of establishing a trust for a person already receiving Medicaid benefits is to supplement their existing Medicaid benefits. This requires many qualifications to be met before a special needs person can become part of a Medicaid pooled trust. The Palm Beach estate planning attorneys at Kitroser & Associates understand how to carefully navigate the legal requirements of qualifying for Medicaid pooled trusts. Our goal is to maximize the benefits going to the special needs individual. Our highly skilled, innovative attorneys have decades of experience successfully accomplishing this goal for clients in an appropriate and effective manner.
The purpose of establishing a special needs trust is to provide a special needs individual with as much financial support possible. In that sense, you must maintain a delicate balance between providing funding and not jeopardizing government benefits. This requires setting up a trust and having the trust properly administered. Administration costs and other factors and decisions can significantly impact the value a special needs trust produces. A Medicaid pooled special needs trust addresses many of these issues in a variety of ways, including:
It is worth pointing out that the remainder of Medicaid pooled trust assets are distributed to the state providing the benefits upon the death of the beneficiary. But similar to other third party special needs trusts, there can be remainder beneficiaries after the state is paid back. There are many advantages to a Medicaid pooled trust for special needs individuals. But, in order to qualify, you need a skilled trust attorney who can appropriately structure your assets and provide reliable counsel. Our Palm Beach trust attorneys offer knowledgeable guidance you can rely on to qualify for Medicaid pooled special needs trust.
At Kitroser & Associates, our Palm Beach estate planning lawyers successfully navigate the complexities of Medicaid pooled special needs trusts. Contact us at 561-721-0600 or online for a free consultation.
The North Palm Beach Estate Planning Lawyers of Kitroser & Associates, welcome clients from the cities of West Palm Beach, Palm Beach Gardens, Palm Beach, Jupiter, Tequesta, Juno Beach, Singer Island, Lake Park, Hobe Sound, Royal Palm Beach, Wellington, Lake Worth, as well as all of Palm Beach County, Martin County and South Florida.
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