For the many people with special needs, Supplemental Security Income and Medicaid are critical sources of support for those with disabilities, both in benefits and services.
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To be eligible, a disabled person must satisfy the restrictive income and resource limitations.
That’s why many families ask elder law and estate planning attorneys about the two types of special needs trusts.
Moberly Monitor’s recent article, “Things to know, things to do when considering a special needs trust,” explains that with planning and opening a special needs trust, family members can hold assets for the benefit of a family member, without risking critical benefits and services.
If properly thought out, families can continue to support their loved one with a disability long after they’ve passed away.
Resources for the Needs of the Family
After meeting the needs of their disabled family member, the resources are kept for further distribution within the family. Distributions can be made to help with living and health care needs.
To establish a special needs trust, meet with an attorney with experience in this area of law. They work with clients to set up individualized trusts frequently that provide benefits not only to the disabled person but to the person’s family.
Pooled trust organizations can provide another option, especially in serving lower to more moderate-income families, where assets may be less and yet still affect eligibility for vital governmental benefits and services.
Discuss Your Personal Trust Case with Our Team
Submit our online form to request a consultation to talk to one of our elder law attorneys to discuss what public benefits are being received, how the trust works, and other tax and financial considerations. With our attorney’s counsel, you can make the best decision on whether a special needs trust is needed or if another option is better, based on your family’s circumstances.