Area 1 FCC Learns About Special Needs Trusts
By Annette ZeebKristen Marks, owner and attorney with My Pink Lawyer, was the guest speaker at the Area 1 Family Care Council (FCC) meeting in Pensacola on March 16. She shared information on trusts and guardian advocates.
Marks explained that a third-party special needs trust is created by family members for a loved one with special needs when property is left in the trust through an estate plan. The beneficiary never owns the property and does not have access. A first-party special needs trust can be created when a person with special needs acquires property through a personal injury award, retirement plan, divorce settlement, life insurance policy, or inheritance in order to continue being eligible for government benefits. A first-party special needs trust is subject to Medicaid expenditure collection upon death.
Visit Marks’ website at www.mypinklawyer.com to download these free planning guides: Minor’s Guardianship Guide for Parents, Florida Estate & Legacy Planning Guide, Special Needs Planning Guide, and Special Needs Care Plan Worksheet. Also, go to http://apdcares.org/publications/brochures.htm for APD’s brochure called Decision Making Options.
From left, Patty Houghland welcomes attorney Kristen Marks to a meeting of the Area 1 Family Care Council on March 16 in Pensacola.
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