Special Needs Trust
Sometimes the best intentions can have the worst consequences. Providing assets to a loved one is a terrific tribute, but it can also end their eligibility for Medicaid, Social Security, or other government programs.
We are cognizant with every Estate Plan we craft that maintaining these benefits is important, even if your loved one is not yet receiving these benefits. There are a variety of methods to structure the giving from your Estate Plan to provide for your family and friends without disrupting the eligibility for government assistance that they need and deserve.
If you plan to provide for a loved one who is, or will receive Medicaid, Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), you should consider a Special Needs Trust. If you do this during your lifetime, you can be the beneficiary. You are free to select anyone else as Trustee as well.
A Special Needs Trust is limited in what it can provide. Basic needs covered by government programs cannot be paid for from a Special Needs Trust. Instead, the Special Needs Trust would supplement your loved one’s quality of life for things not covered by government programs, including medical and legal expenses.