People with disabilities often rely on need-based government benefit programs. Medicaid is a health insurance program. It is jointly administered by the federal government along with each state government. Supplemental Security Income is another need-based benefit program that provides income for people with disabilities. Since these are need-based programs, there are income and asset limits. It is possible to use a special needs trust to make assets available to enhance the beneficiary's … [Read more...] about What Is a First Party Special Needs Trust?
Special Needs Planning
There are numerous steps that you can take to give money to your loved ones after you pass away. You should understand all of your options, consider the life situation of each person in the family, and make informed choices. With the above in mind, let's look at the value of third party special needs trusts. People With Disabilities If you want to provide resources for a person with a disability, you have to take government benefit eligibility into consideration. Many people with … [Read more...] about What Is a Third Party Special Needs Trust?
Any family that cares for a child with special needs must consider special needs planning as a part of their overall estate plan. Why? Because someone has to be able to take care of that child in the event of the parents’ death. A special needs trust can be just the solution you’re looking for. Parents of children with developmental disabilities and other special needs often face unique challenges when it comes to estate planning. A simple will or trust is not enough While the average family … [Read more...] about Planning For a Child With Special Needs
There are different methods available to you when you are planning your estate when it comes to asset transfers in North Carolina. You should certainly explore your options in an intelligent and informed manner so you don't wind up doing more harm than good. With this in mind, let's look at when you might want to consider the creation of a special needs trust in Charlotte North Carolina. People With Disabilities & Government Benefits A lot of people have someone in the family with a … [Read more...] about Special Needs Trust in Charlotte North Carolina: When Would I Need It?
When you are creating an inheritance list you should consider the life situation of everyone on the list. There are various different ways to arrange for others to inherit assets after you die. The best way to proceed will vary on a case-by-case basis. If you make assumptions, you can make mistakes that ultimately yield negative consequences. People often assume that legal advice is too expensive. This is a misconception, because there is such a thing as cost, and there is also such a thing as … [Read more...] about How Much Does a Special Needs Trust Cost?
Everyone has different needs. A tailor-made estate plan will take the needs of each individual inheritance recipient into account. With this in mind, let's look at the legal device called the supplemental needs trust. Inheritances & Government Benefits People with disabilities often rely on need-based government benefits like Medicaid. This is a health insurance program that is crucial for many individuals with special needs. Many people in this situation require care that is very … [Read more...] about What Is a Supplemental Needs Trust?
A lot of people are taken aback when they hear about the current cost of long-term care. Each year the MetLife Mature Market Institute publishes a survey that is chock-full of information, and it is certainly an interesting read for anyone with an interest in elder law issues. Last year the cost for a day residing in a private room in a nursing home in the United States averaged $239. In 2010 the average daily cost was $229, so we are talking about a 4.4% increase from one year to the next. If … [Read more...] about Special Needs Call For Specialized Planning
A special needs trust is a specific kind of trust that can be created to benefit children and adults with disabilities. Whether you're caring for a special needs child or have a family member who has developed a medical problem and needs a trust to ensure their financial safety, there are several kinds of several needs trusts available to you. However, special needs trusts differ by state, and each state has different rules that apply. Type 1: Family Trust. A family trust is usually created by … [Read more...] about 3 Types of Special Needs Trusts
Living Trusts are becoming more common in Estate Planning, and these can include Special Needs Trusts to help take care of a disabled loved one. What may people don’t take into account, however, is that a Special Needs Trust must be drafted carefully to avoid interfering with the disabled person’s eligibility for government benefits such as Medicaid or Social Security benefits. When it comes to Medicaid, the government determines eligibility based on income and asset limits. Income is pretty … [Read more...] about Special Needs Trusts Need Special Planning
Do you have a loved one with special needs? If you plan to leave assets to your loved one, it is important to plan carefully. With the help of a special needs trust, you can leave assets to your loved one without disqualifying him or her from important benefits. Here are some common questions regarding special needs trusts: What is a special needs trust? This type of trust is specifically made to benefit mentally ill or disabled beneficiaries. With a special needs trust, you can leave … [Read more...] about Special Needs Trusts FAQ