Estate Planning With a Loved One Who Has Special Needs
By utilizing a Special Needs Trust you can provide support for a relative or friend who has special needs without causing that person to become disqualified from receiving government benefits or having his or her benefits reduced. Individuals who qualify for government assistance, such as Medicaid and/or Supplemental Security Income (SSI), are evaluated each year to ensure they do not own over a certain dollar amount in assets which would make the him or her ineligible for those benefits.
Depending on the program, the individual receiving assistance can be disqualified by merely owning over $1,000 to $2,000 in assets. Many special needs individuals require hundreds of thousands of dollars in annual medical care. Parents and other relatives who support special needs individuals must be certain they are making the right decisions about how they provide for their loved ones with special needs, and it can be confusing.
For a family with a loved one requiring extensive medical attention to have any financial stability, it is important those with special needs become and remain eligible to receive Medicaid and other assistance. If no action is taken, an inheritance could pass to the special needs individual, which would cause that person to lose Medicaid, etc.
By setting up a Third Party Grantor Special Needs Trust that is carefully drafted to comply with the Missouri Trust Code, you are able to provide additional support for your loved one with special needs without disqualifying that person from benefits.
Contact us today to set up a consultation with an estate planning attorney to discuss a Special Needs Trust or to have your trust reviewed to make sure you are taking the proper steps for the future of your family.
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