The Importance of Special Needs Planning
must plan carefully if you want to leave money or property to a loved one with a disability. Otherwise, you could jeopardize your loved one's ability to receive Supplemental Security Income (SSI) and Medicaid benefits. By setting up a "special needs trust" in your will or revocable living trust, you can avoid some of these problems. Owning a house, a car, furnishings, and normal personal effects does not affect eligibility for SSI or Medicaid. However, some assets, including cash in the bank, will disqualify your loved one from benefits. For example, if you leave your loved one $10,000 in cash, that gift would disqualify your loved one from receiving SSI or Medicaid. Contact our office to schedule a free consultation to discuss providing for a loved one with a disability. We make it easy for you to understand the complexities of special needs planning so you can make the best decisions for you and your family.