Disabilities may complicate life, but these complexities do not necessarily end when you pass away. Estate planning could be important for numerous disabled individuals in Florida, and there are many options to consider. Perhaps you need to qualify for Medicaid. Maybe you need a trust that will provide you with enough financial support for the foreseeable future. You might need to provide for a disabled child or dependent after you are gone. Whatever the case may be, an estate planning lawyer in Florida could help you assess your options and strive for optimal outcomes.
The Importance of Medicaid Planning for Disabled People
Medicaid is a federal and state program that provides financial support for disabled people. The program covers many medical treatments and procedures, and it could be helpful for many people. In Florida, you automatically qualify for Medicaid if you have a disability. The only requirement is that you are also eligible for Supplemental Security Income (SSI), which means your disability must be officially recognized.
If you believe you are disabled but you are not eligible for Supplemental Security Income, you may need to pursue other pathways toward Medicaid coverage. This is something a Medicaid planning attorney in Florida may be able to assist with. If the disability is not recognized under SSI, you may need to consider your financial eligibility for Medicaid. This may require you to make certain adjustments to your assets and income.
Of course, you need to qualify for SSI before you can use this eligibility to automatically qualify for Medicaid. SSI qualification may be more challenging than you realize, as there are asset and income eligibility limits to consider. In other words, you may not qualify for SSI and Medicaid if you have a relatively high level of wealth.
In order to address this issue, you can discuss various types of trusts with an estate planning lawyer in Florida. With these trusts in place, you can shield your wealth, qualify for both Medicaid and SSI, and enjoy a stable life.
Consider Advance Directives And Healthcare Surrogates
Disabled individuals may be more prone to medical conditions that leave them incapacitated. For example, you might be experiencing the early stages of dementia. In this type of situation, you may become mentally incapacitated in the future. Perhaps you have a condition that makes you prone to bouts of unconsciousness. As a result, it may be important to make important medical decisions ahead of time if possible. You can do this with certain estate planning documents, such as advance directives and healthcare surrogates.
With an advance directive, you can express your preferences about certain medical treatments ahead of time. For example, you may be opposed to stem cell treatments or blood transfusions. Perhaps you do not want to donate your organs after you pass away. Maybe you would like to be disconnected from life support if you ever fall into a coma. Whatever the case may be, doctors must respect your preferences if you write them down with an advance directive.
A healthcare surrogate is someone who makes decisions on your behalf after you pass away. You can choose someone you trust, and this person will be in charge of making all healthcare-related decisions once you become incapacitated.
What if I Have a Disabled Child or Dependent?
While many disabled people attempt to create estate planning strategies for themselves, others need to plan for the care of others. For example, you might have an adult child who is mentally disabled. Perhaps you are caring for a senior dependent, and you’re worried about what might happen if you pass away. In these kinds of situations, special needs planning might be necessary.
This type of estate planning can set aside funds and resources for your disabled loved one. It may also help you designate another guardian who can step in and care for the disabled person after you’re gone. This might be another family member, such as a sibling or adult child. It might also be a caregiver who is willing to accept this responsibility. By designating a legal guardian ahead of time, you can control who becomes responsible for your disabled loved one’s care. If you do not take this step, the court might make its own decision on who should become the guardian.
Special needs planning may also involve the establishment of special needs trusts. Also known as “SNTs,” special needs trusts ensure that your loved one will always have financial support, even after you’re gone. There may be obvious concerns about whether your loved one can manage money effectively, especially if they are mentally disabled. A special needs trust can set aside enough money to preserve their standard of living. Perhaps the most important thing about an SNT is that if it is set up properly, it will not affect your loved one’s eligibility for Medicaid and other government benefits.
Consider ABLE Accounts
Disabled individuals in Florida might also want to consider Achieving a Better Life Experience (ABLE) accounts. Federal law makes these specialized accounts available for disabled people in Florida, and this might represent a viable estate planning option. With this account established, you can save a certain amount of money each year without jeopardizing your eligibility for Medicaid or SSI.
Can an Estate Planning Lawyer in Florida Help Me?
An estate planning lawyer in Florida may be able to help disabled people strive for financial security, even after they pass away. Various estate planning strategies could help disabled people access crucial treatment while maintaining their standards of living. Examples include Medicaid trusts, asset protection strategies, and much more. If you need to plan for the care of a disabled individual after you’re gone, an estate planning lawyer can also help. Remember, each situation is unique, and a conversation with a lawyer could provide more targeted insights than an online article. For more information, do not hesitate to contact the Elderly Care Law Firm today.
