Special Needs Planning
Special needs planning is the concept of leaving assets for your child with special needs in such a way that does not render them ineligible for benefits. As you may know, Medicaid and Social Security Income have resource limits. If the individual has more than $2000 in “countable resources” then he or she is not eligible on the financial side to receive Medicaid or SSI.
But the good news is, there are specialized legal tools that we can use in order to protect the assets for a special needs individual. A special needs trust allows a special needs individual to receive assets and his or her Medicaid or SSI benefits will not be affected.
This blog entry serves as educational purposes only and does not constitute legal advice.