Receiving an inheritance, settlement, or other assets can create an unexpected problem for individuals with disabilities who rely on means-tested benefits such as Medicaid or Supplemental Security Income (SSI). In many cases, receiving assets outright can jeopardize eligibility for these important programs.
A self-settled special needs trust may provide a solution. This trust allows assets belonging to the individual to be held and managed for their benefit while preserving eligibility for public benefits. The trust can be used to enhance quality of life by paying for goods and services that government benefits may not cover.
Self-settled special needs trusts are subject to strict legal requirements, so proper planning is essential.
If you or a loved one has received assets while on public benefits, contact us to discuss whether a self-settled special needs trust may be appropriate.
