Our attorneys talk a lot about personalized estate planning, because people and their families are unique. A perfectly acceptable way to transfer assets to one family member may not be appropriate for the next for one reason or another. There are different ways to proceed, and the correct course of action will depend on the circumstances. This will definitely enter the picture when it comes to leaving an inheritance to someone with a disability. Health Insurance The majority of insured … [Read more...] about Personalized Estate Planning for People With Disabilities
supplemental needs trust
What is special needs planning? In the field of estate planning, steps can be taken to provide for people that are in unique situations. This applies to the facilitation of inheritances to people with disabilities. Why can’t you just name someone with a disability in a simple will? You can certainly do this, but there is a potential downside. Many people with disabilities rely on Medicaid as a source of health insurance, and they receive income through the Supplemental Security Income … [Read more...] about Special Needs Planning Questions Answered
Generally speaking, a person that receives an inheritance will mourn the deceased, but they will be able to put the windfall to good use. From a financial perspective, there will be no downside. However, sometimes an inheritance can cause problems, and we will look at a relatively common scenario in this post. Government Benefit Eligibility Clearly, people with disabilities need health insurance more than most. Many of these folks cannot work, so they can’t get health insurance coverage … [Read more...] about Act Wisely to Provide for a Loved One With a Disability
You may equate estate planning to the creation of a will, but there are other options. In many cases, a trust of some kind will be preferable, and we will look at some of these scenarios in this post. Special Needs Planning Most people with disabilities rely on Medicaid for their health insurance, and individuals that are in this position typically receive Supplemental Security Income as well. These are need-based programs, so you cannot qualify if you have significant assets in your … [Read more...] about Why Would a Trust Be Preferable to a Will?
The majority of people in the United States get their health insurance through their employer provided plans. Unfortunately, a high percentage of people with disabilities are not in a position to hold jobs, so this is not an option for them. Everyone needs health insurance, but it is especially important for these folks, so the void is a big deal. Fortunately, a safety net exists in the form of the Medicaid program. It is a need-based benefit, so you can potentially qualify if you have less … [Read more...] about Does Medicaid Seize Remaining Assets in a Special Needs Trust?