===Must Watch===
• What is a First Party Special Needs Trust?
   • First Party Special Needs Trust  

• What is a Third Party SNT?
   • Florida Third Party Special Needs Tru...  

• Pooled Special Needs Trusts Explained
   • Pooled Special Needs Trusts Explained  

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   • Meet Jason Neufeld  

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Transcript:
What is the difference between a first party special needs trust and a third party special needs trust, very small change in the name very big and important difference between these two types of trusts. Alright, so let's get into it. I'm Jason Neufeld. I'm an elder law attorney with elder needs law and we serve Medicaid planning, estate planning and probate clients all throughout the state of Florida. If you're answering if you're asking the question, what's the difference between a first party special needs trust and a third party special needs trust, it's probably because you're interested in Medicaid planning to get help paying for long term care expenses, or you want to maintain eligibility for SSI. These are needs based government programs that only allow you to have a certain amount in income and assets. Let's get into it. A, I want you to think of a first part if you're my client. And you may be thinking of somebody who may be watching this video on behalf of someone else, but pretend for a second that you're my client and you're interested in obtaining or keeping these needs based government benefits such as Medicaid. If you're my client, you're the first party. And if you're anyone else in this world, we refer to them as a third party. Okay, that's just an important basic distinction. So in a first party special needs trust, you are taking your money, and you are setting it aside in a special needs trust, where it will not count against you. When determining whether or not you're eligible for program needs based government programs such as Medicaid. Now, if you are under the age of 65, in Florida, you can choose anybody you want to be the trustee of that trust, it just can't be you and it can't be your spouse, it can be a child, it can be a mother, it can be anybody you want. Sometimes you hire a professional, that's okay, too. It just cannot be the benefits recipient themselves, right? They're not allowed to have control these assets. But anything in this trust that's managed by someone else can be used for anything the Medicaid beneficiary needs or wants. If you have SSI, not so straight retirement, but SSI, which is another needs based government program, there are several restrictions on how those funds can be spent, but not many in there. For the purposes of that we're going to stay away from that for the purposes of this video. But, but the point being almost, it can pay for almost anything you need or want. And if you're just on Medicaid in Florida and not on SSI, the sky's the limit. They can pay for entertainment expenses, it can pay for mortgage payments, or rent payments or additional bills that might be doing the assisted living facility or extra Home Care pays for your vacation, whatever, whatever you want. The primary drawbacks to a first party special needs trust our A in Florida, when we're talking about Medicare, you have to be under the age of 65. In order to have someone you know be the trustee. If you are over the age of 65. In Florida, you have to use a professional nonprofit organization. Sometimes you want that anyway, because you don't have anyone in your life you might not have anyone you'd like that you trust to be the trustee of is a very important component of your life. So that's, that's one item you need to be aware of. The second and usually the most disturbing aspect of a first party special needs trust is after the Medicaid recipient passes away. The trustee whether it's a professional trustee, or whether it's someone you choose to be the trustee of your special needs trust has an obligation to notify Medicaid in even if you had Medicaid in different states that you have to notify the Medicaid agency in every state once you've received benefits, but let's just say we're in Florida, Medicaid will then send a bill they'll go here is how much we have spent on the beneficiary's care and services....