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Category Archives: Special Needs Trusts
Why a Child With a Disability Needs a Special Needs Trust
Parents of a child with a disability face unique and lifelong planning challenges. Beyond day-to-day care and medical decisions, there is an ongoing concern that never truly goes away: What will happen to my child when I’m no longer here to help? For families whose children rely on Medicaid, Supplemental Security Income (SSI), or… Read More »
Planning for the Adult Disabled Child
Transitioning to Adulthood: SSI and Medicaid John, age 17, has autism and lives with his parents. His mother is his full-time caregiver, but due to his father’s high income, John is not eligible for Supplemental Security Income (SSI) as a minor. However, when John turns 18, only his own income and resources are considered… Read More »
Supplemental Needs Trusts: A Crucial Aspect of Medicaid
When a person with a disability depends on government benefits such as Medicaid or Supplemental Security Income (SSI), receiving an inheritance, personal injury settlement, or other financial gift can unexpectedly create serious problems. These assets, while well-intentioned, may push the person over Medicaid’s strict asset limits, resulting in a loss of vital medical coverage… Read More »
How a Special Needs Trust Can Protect Your Personal Injury Settlement and Medicaid Eligibility
When someone with a disability receives a personal injury settlement, it can feel like a financial lifeline, providing compensation for pain, suffering, and future care needs. But there’s an often-overlooked risk: receiving a large settlement can jeopardize eligibility for critical public benefits like Medicaid and Supplemental Security Income (SSI). These programs have strict asset… Read More »
How a Special Needs Trust Can Protect Your Personal Injury Settlement and Medicaid Eligibility
Pretty much every estate plan should include a basic set of documents, including a will, revocable living trust, power of attorney, and advance directives for healthcare. Each document should be individually prepared and custom-tailored to the needs of the individual and their family. For many, additional documents are needed for a complete estate plan,… Read More »
What Are the Responsibilities of a Trustee of a Special Needs Trust?
A special needs trust can be an invaluable legal tool for parents of adults with special needs. A special needs trust allows a party to provide financial support to an individual with special needs without affecting the beneficiary’s eligibility for needs-based governmental programs such as Medicaid or Social Security benefits. Like other trusts, special… Read More »
What Are the Advantages and Disadvantages of a Special Needs Trust?
Special needs trusts (SNTs) can be extremely useful tools to provide supplemental income to an individual who needs special care but lacks the funds to pay for it. With proper utilization of an SNT, an individual can receive disbursements from the trust without affecting their eligibility for Supplemental Security Income (SSI), Medicaid, and other… Read More »
Case Study: Medicaid Planning for Family with Special Needs Child
Margaret and Sam have always taken care of their daughter, Elizabeth. She is 45, has never worked, and has never left home. She is “developmentally disabled” and receives SSI (Supplemental Security Income). They have always worried about who would take care of her after they die. Some years ago, Sam was diagnosed with dementia…. Read More »
Could a Special Needs Trust Benefit You or a Loved One?
West Palm Beach estate planning & elder law attorneys at Shalloway & Shalloway discuss whether a special needs trust could benefit you or a loved one.