USING SELF-SETTLED SPECIAL NEEDS TRUSTS TO PROTECT PUBLIC BENEFITS
Many public benefits available to persons with disabilities, such as Supplemental Security Income (SSI) and Medicaid, place limits on income and certain types of assets. Exceeding such limits can lead individuals to lose some or all of their benefits. Individuals receiving SSI are limited to $2,000 of assets. For many individuals, their Medicaid is linked…
Understanding Estate Planning
WHAT IS ESTATE PLANNING? Estate planning is the process by which an individual defines his or her goals for passing assets to beneficiaries and chooses appropriate tools and strategies for achieving those goals. The process begins with a careful analysis of one’s situation, objectives, and potential tax liability. Only after all of those factors have…
Protecting the Home – Using Trusts to Protect Your Home from the Cost of Long-Term Care
INTRODUCTION Studies show that 35% of Americans will spend some time in a nursing home. Seventy percent will require some form of long-term care be it nursing home, assisted living or home care. The cost of this care can range from $28 – $40 per hour or more for home care, $9,500 – $12,500 per…
My Client is a Medicaid Recipient Receiving a PI Settlement, Does He Need a Special Needs Trust?
GENERAL As a personal injury attorney, an important source of insurance and funding for medical needs for your clients with disabilities is Medicaid. When a person is receiving Medicaid and may be receiving a settlement, it must be determined whether a Special Needs Trust (SNT) is required to protect eligibility. Whether an SNT is needed…