If you are considering setting up a special needs trust in Lakewood Ranch for a loved one, you should first familiarize yourself with it.

If you are considering setting up a special needs trust in Lakewood Ranch for a loved one, you should first familiarize yourself with it. A special needs trust is usually arranged for a person who has special needs. This is to supplement the benefits that the person with special needs receives from certain government programs. A special needs trust will enable the beneficiary to keep receiving benefits from the government while accepting funds from the said trust. How does it Work? A trust is known to be a relationship between a donor, a trustee, and a beneficiary. The donor provides the funds. The trustee agrees to administer and hold the funds based on what the donor wishes. The beneficiary receives the funds. Oftentimes, the donor’s requirements are specified in a document. The trustee is given instructions about how the assets should be used. Trusts are popular because they survive after the donor’s death. It is an inexpensive way to manage the donor’s assets when the donor passes. Types of Special Needs Trust Below are the three types of special needs trust:  First party. This special needs trust holds assets of the person with special needs (accident settlement or inheritance).  Third party. This is the trust that holds funds which belong to other people who want to give financial aid to the person with special needs. Thus is often used by parents and other members of the family so that they can help someone with special needs.  Pooled. This is a special needs trust that holds funds from a number of various beneficiaries who have special needs. Our firm can help you with setting up a trust for your loved ones. For a free consultation, please call us at 941-365-2253.