Special Needs Trusts
If you are raising a loved one with special needs, you know the importance of government assistance programs such as Medicaid and Social Security Income (SSI) in helping your loved one receive the care he or she needs. However, you are also likely cognizant of the fact that this assistance is not enough to provide the best possible care. Special needs planning allows for the provision of services that are not covered by government programs while simultaneously preserving your loved one’s eligibility for these programs.
Establishing a Special Needs Trust
Creating a special-needs trust will allow your loved one to receive monthly stipends sufficient to address deductible expenses without losing their SSI eligibility.
For example, a trust can pay for:
- Expenses related to their disability that Medicaid doesn’t cover
- Handicapped-friendly equipment and vehicles
- Home care and caretaker services
- Residence costs
Ultimately, a special needs trust gives you the peace of mind that comes from knowing your loved one will receive the best possible care while still retaining eligibility for essential government services.
Supplemental Security Income and Medicaid Benefits
The Social Security Administration oversees SSI, which provides monthly payments to people who have low income and are age 65 or older, blind or disabled. Disabled persons may work and receive SSI, provided that their income (after deductions) does not produce resources in excess of $2,000.
However, disabled persons may also be eligible for benefits from other antipoverty programs, such as Medicaid and the Supplemental Nutrition Assistance Program. As your special-needs-planning attorney, we can explain the government benefits available to address your loved one’s long-term care, and help structure your assets to establish eligibility.