Can Special Needs Trust Planning Help A Disabled Person Keep Government Benefits?
Creating a special needs trust is a great way to protect your disabled loved one. There are income and asset limits for a number of public benefits, most notably Social Security Supplemental Security Income (SSI). Moreover, a disabled person that qualifies for SSI will normally automatically qualify for Medicaid (administered by MassHealth) healthcare benefits. Without proper trust planning, assets left to a disabled loved one at death can result in the disabled person losing SSI, Medicaid, and other government benefits. Considering the value of these government benefits, the assets left to a disabled loved one often pale in comparison. Thus, a well-meaning but uninformed parent of a disabled child can significantly harm that child without proper planning.
The good news is that with proper planning, you will no longer have to worry about protecting your disabled loved one. We will answer your most difficult questions and can take you through the ins and outs of different planning strategies. These strategies often include the use of third-party special needs trusts, first-party special needs trusts, ABLE accounts, and letters of intent. These strategies can insure that your disabled loved one maintains the highest standard of living possible, as well as their dignity and personal autonomy.