Addiction is a serious illness that effects millions of families. Over 7,000 people died from overdose in Florida in 2020, the second most of any state (Statistics from Riverside Recovery, Tampa). Aside from illicit drug use, addictions to gambling, alcohol, or prescription medications can be just as dangerous and no less destructive in the lives of those who struggle with them and their families.
Our natural instinct is to care for our family and loved ones as best we can for as long as we can. For families facing struggles with addiction, Estate Planning can often be more complex than for those without. In many cases, families want to avoid the unsupervised transfer of large lump sums of cash or valuable assets, which can have the potential of doing more harm than good in the beneficiaries’ life.
Families who struggle with a loved one’s addiction know the potential dangers of temptations that can come with having access to cash or transferable assets in that person’s life. Especially during an already very stressful time in their lives. Fortunately, in Florida, you are able to utilize Trust Agreements as part your estate plan which can protect your family’s cash and valuable assets while still providing for essential needs, ongoing care, and even treatment as needed, of loved ones facing addiction after you’re gone.