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Special needs trusts and government benefits

On Behalf of | Jan 24, 2022 | Estate Planning |

If someone in your family has a disability, you could worry about their future, especially if you help take care of them and you have concerns about what will happen after your death. You should go over your options concerning estate planning and understand how the decisions you make regarding your estate could affect your disabled loved one.

You could have the ability to set up a special needs trust with your disabled loved one in mind, and these trusts can help those with disabilities in different ways. For example, special needs trusts can preserve a disabled individual’s ability to receive critical government benefits.

Medicaid, SSI and special needs trusts

According to the Social Security Administration, a special needs trust can help someone with a disability continue to receive Medicaid benefits as well as Supplemental Security Income (SSI) benefits. Sometimes, people lose eligibility for these programs as a result of assets they receive through other types of trusts, but special needs trusts are an exception in many instances.

Other benefits of special needs trusts

In addition to helping disabled people retain their eligibility for critical government assistance, special needs trusts can provide peace of mind for an entire family. These trusts can also provide disabled people with resources they need that are not covered by government assistance programs.

When it comes to creating a special needs trust, or any other type of estate plan, you need to carefully review the unique aspects of your situation and think about the future. Make sure you explore all of your options and take the right approach.