When you are planning your estate, you should consider the life situation of everyone on your list. The right way to provide for one person may not be appropriate for the next, and this would definitely apply to inheritance planning for people with disabilities. Government Benefit Eligibility Most people in the United States get health insurance through their employers, but many individuals with disabilities cannot work, so this is not an option. Fortunately, there is a safety net in the form … [Read more...] about Special Needs Planning 101
Special Needs Planning
Many people with disabilities rely on Medicaid as a much needed source of health insurance. Supplemental Security Income (SSI) serves as an ongoing source of modest financial support for people that are in this position. In order to qualify for these programs, you must be able to demonstrate a significant level of financial need. Once eligibility has been granted, it is not necessarily permanent. An improvement in financial status can cause a loss of benefits. Special Needs … [Read more...] about Can a Benefit Recipient Fund a Special Needs Trust?
People with disabilities are frequently enrolled in the Medicaid program. This is a government health insurance program, but you do not automatically qualify because you are disabled. To qualify for Medicaid, you have to be able to prove that you have a significant level of financial need. Many individuals with disabilities also rely on the Supplemental Security Income program. The purpose of this program is more or less self-explanatory. SSI is a source of income for disabled people who … [Read more...] about Can You Fund a Special Needs Trust With a Settlement?
Estate planning lawyers always emphasize the fact that there is no one-size-fits-all, cookie-cutter estate plan that is right for everyone under all circumstances. There are many different factors that go into it, and there are diverse strategies that can be implemented. This is why it is extremely important to discuss your unique situation with an experienced, expert estate planning attorney before you make any decisions. People that act without enough information often make mistakes that … [Read more...] about What Is a Supplemental Needs Trust?
When you are planning your estate, you should discuss everything in detail with an estate planning attorney, because you can make mistakes that have unintended negative consequences. Your financial situation and the nature of your intentions will definitely be part of the equation. It is also important to consider the life situation of the people that are on your inheritance list. With this in mind, we will look at the value of special needs planning in this blog post. People With … [Read more...] about Special Needs Planning Can Preserve Benefit Eligibility
Some of the acronyms that are used to describe government benefit programs are confusing, because there are overlapping terms, and we endeavor to clear up this confusion from time to time on our blog. With this in mind, we will look at the differences between SSI and SSDI in this blog post. Social Security Disability Insurance When you are working throughout your life, you see a FICA deduction when you receive your pay statement. This tax can seem like a constant drain on your resources, … [Read more...] about What Is the Difference Between SSI and SSDI?
People with disabilities are often incapable of earning much income, so they qualify for need-based government benefit programs. Medicaid is a government run health insurance program that is jointly administered by the federal government along with the state government. It is potentially available to people who can prove that they have a significant level of financial need, and Supplemental Security Income can act as a source of support for disabled individuals with limited resources. Once … [Read more...] about Can I Protect My Injury Settlement With a Special Needs Trust?
A first party special needs trust is a type of legal structure that can be used to benefit a person with a disability who is enrolled in government benefit programs. Many people with disabilities rely on Medicaid as a source of health insurance, and Supplemental Security Income can provide the basic necessities. Since these programs are intended for people with financial need, you have to be able to prove that you have limited resources in your own name if you want to qualify. People with … [Read more...] about What Is a First Party Special Needs Trust?
For parents of special needs children, developing a special needs plan is one of the best things you can do for you and your child. Special needs planning in Rochester NY, like estate planning, is not a single set of tools that applies to everyone in all situations. Instead, developing a special needs plan requires you to evaluate your options in light of your current circumstances and your goals. Every special needs plan needs to be crafted to fit your circumstances. Though your estate … [Read more...] about Special Needs Planning in Rochester NY: Key Mistakes to Avoid
Your estate planning attorney can help you draft a special needs trust for the benefit of your special needs child or other family member. After you select a trusted individual that will serve as your trustee, you need to make sure your special needs trust complies with New York State law. Your attorney must make sure that the trustee will use your assets within your special needs trust only for a limited purpose. Because you may not want your special needs trust property to pay for necessary … [Read more...] about Special Needs Planning: Part III of III