How can I protect the assets of my disabled family member?

If you have a family member who is disabled and needs financial support, you can protect their assets in Florida with disability planning law. It is important to understand the various options available that provide protection of assets, while still allowing those with disabilities to access much needed services and assistance. One option is setting up a special needs trust. This trust allows for the disabled person to have control over their assets and protect them from spend down or liquidation. The trust holds and manages the assets, and can also pay for services and items that the disabled person may need. Another option is a pooled trust. This trust allows for pooling of funds from multiple disabled individuals, and is managed by an appointed trustee. All of the members in the trust then receive services through the funds pooled together. The last option is an ABLE Account. This account is similar to a savings or investment account, and funds are used to pay for disability-related expenses. The funds in the account are tax-exempt and the account is not considered an asset when determining eligibility for government assistance. These are just a few of the ways to protect the assets of your disabled family member in Florida. It is important to speak with a lawyer who specializes in disability planning law to determine the best option for your specific situation.

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How can I protect the assets of my disabled family member?

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