Video Summary

Good afternoon.  My name is Tom Mitchell.  I’m a partner in the law firm of Waller & Mitchell, and we’re located at 5332 Main Street in Downtown New Port Richey, Florida.

Did you know that ten percent of the families in America have a family member who is disabled, as defined by federal regulations?  This could be a minor child who suffered malpractice at birth.  It could be an adult who has been injured in a traffic accident or an industrial accident.  It could be a senior citizen who has suffered neglect in a nursing home and incurred serious injuries.

If this describes anyone in your family, we at Waller & Mitchell can help you.  There are federal and state programs designed to assist individuals who have these kinds of injuries and require special assistance.  These programs are all means-tested.  That means that you cannot have more than a certain amount of money and be qualified for these programs.

When these types of injuries happen to someone, typically there is a lawsuit filed on behalf of the injured party.  And this lawsuit can result in hundreds of thousands or, in some cases, even millions of dollars that are to be made available to that person.  The problem is twofold.

First, that money has to last for the entire lifetime of the individual.  And, second of all, if they receive that money in their individual names, they will be disqualified from public assistance benefits because of the means testing that I mentioned earlier.

There is, however, a special kind of trust authorized under federal law that’s called a Special Needs Trust.  In a Special Needs Trust, the money from the lawsuit settlement can be deposited to the trust account, and a trustee can be named, and the trustee can then pay for the special needs of the individual.  The public benefits are still qualified for the individual, and they will pick up the basic nursing home and medical care.

What this allows for is that the special needs of the individual can be met – such things as advanced medical care, special caregiver services, education, entertainment.  Any of those things would qualify.

In addition, with a Special Needs Trust, you can have a trust that’s set up by a third party.  For example, a grandparent who has a disabled grandchild.  In that circumstance, the grandparent sets up the trust, puts the money in the trust, and then the trustee administers the trust for the benefit of the injured party.

The injured party continues to receive their public benefits, so we don’t have any problem with the money being diverted or expended unnecessarily.  And the good thing about the third public trust is that after the death of the beneficiary, the disabled child, the original person who set up the trust can put in the trust where that money is to go if there’s anything left.

So if you’re interested in any of these concepts, give me a call.  I’m Tom Mitchell.  My number is 727-847-2288.

Video Summary

Good afternoon.  My name is Tom Mitchell.  I’m a partner at the law firm of Waller & Mitchell.  We’re located at 5332 Main Street in Downtown New Port Richey, Florida.  I specialize in elder law.  That is: I deal with wills and trusts, powers of attorney, healthcare surrogates, living wills, will and trust administration, public benefits qualifications, guardianship, and asset protection for seniors.

Hey there, 50 and 60-year-olds.  How are your 70 to 90-year-old parents doing?  Are you concerned that they’ll have enough money to live to the end of their lifetime and have quality of life?  Are they concerned that they’ll have enough money to live to the end of their life and have something left to give to their children and grandchildren?  If so, you need to consult with Waller & Mitchell.  We can help you with this.

The average cost for a nursing home in the State of Florida, in the West Pasco area, is about $6,500.00 a month.  If one of your family members – your parent, mother or father – is looking at the prospect of going into a nursing home in the near future, there are several things that we can do to help them get qualified at an earlier time, and to help preserve funds for the senior generation to pass to the junior generation.

One of the techniques that we use in this circumstance is called a “caregiver trust.”  It’s specifically referred to in the Florida statutes, and it allows the spouse who is living at home – the well spouse, as we refer to it – to set up a trust for the benefit of the spouse who’s living in the nursing home, which we call the “institutionalized spouse.”

If that trust that’s set up by the well spouse contains at least 30 percent of the assets that are owned by the husband and wife team, then the money can be in the trust, and the nursing home spouse is not disqualified from receiving public benefits.

So if you’d like to look into something like this, please contact Waller & Mitchell at 727-847-2288, and I can help you.