Estate Planning Options Explained

Summary

A special needs trust can protect eligibility for government benefits like Medicaid and SSI, allowing the home to be used for the beneficiarys benefit without affecting benefits. A Lady Bird Deed allows property to pass directly to the beneficiary without probate and can protect the home from Medicaid estate recovery. Each option has its pros and cons, so consulting with an estate planning attorney is advisable. In Florida, a Lady Bird Deed avoids probate, protects against Medicaid estate recovery, and allows the grantor to retain control over the property during their lifetime.

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I would like to know is it better to have a home as part of a special needs testamentary trust or file a lady bird deed
Hi ****!
To help you better, could you please let me know if the home is currently owned by the person with special needs, or if it will be inherited in the future?
it is owned by * people both with disabilities
Hi ****! Thanks for sharing that information. To help you better, could you let me know if there are any specific government benefits or Medicaid considerations involved in this situation?
yes, the person who will inherit the home collects ssdi
Case Rating: *
****, here's some information that might help:
- Special Needs Trust: This can protect the beneficiary's eligibility for government benefits, like Medicaid and SSI. The home placed in the trust can be used for the beneficiary's benefit without affecting their benefits.
- Lady Bird Deed: This allows the property to pass directly to the beneficiary without probate. It can also protect the home from Medicaid estate recovery.
Each option has its pros and cons depending on the specific circumstances, so it might be helpful to consult with an estate planning attorney to choose the best option.
Would you like more detailed information on either option?
yes, the lady bird deed
Case Rating: *
Hi ****!
A Lady Bird Deed in Florida can be a useful tool. Here are some key points:
- Avoids Probate: The property passes directly to the beneficiary.
- Medicaid Protection: Helps safeguard the home from Medicaid estate recovery.
- Retain Control: The grantor retains the right to use and sell the property during their lifetime.
Would you like more detailed information on any specific aspect of the Lady Bird Deed?