People considered to have special needs are people who are disabled. They generally receive government assistance, often based on a low income. It could also mean that they are in a group home and can only be there because their income is low, and they qualify for Medicaid. A Trust for Special Needs will protect their inheritance for future care.
If any of these people inherit a large amount of money, they can lose their government benefits because they no longer qualify.
So, it’s not just that the government could potentially take their money. It’s that they may lose their house, and they may lose certain benefits that they need.
They could then find themselves in a situation where they have too much money to benefit from Medicaid, for example, but not enough to live on their own and receive all the care they need. So, the entire welfare of the person with special needs can be turned upside down.
What A Special Needs trust is going to create is the ability to hold money in trust and have it managed by a friend or a family member or, if there isn’t anybody available, put into a pool, a special needs trust with the state where their money can be used for extra things that they would need to improve their quality of life.
It’s not intended to pay for their housing, for their medical needs, it’s intended for them to get care or things that would make their life better, that the government benefits they are not going to qualify for.
These are special rules created by the government. It’s an exception to Medicaid because they’re already for these people with special needs, and it’s in their interest to have third parties help improve their quality of life.
Depending on how the trusts are set up, the money left over goes back to Medicaid, particularly if the trust is part of the Government Pool Trust.
A Pool Trust is a State-run Trust that manages the Trusts of special needs people if they don’t have a family member or another person as a Trustee to do so.
Our Estate Planning lawyer can help you gain peace of mind by securing these issues. Consulting with an experienced estate planning lawyer is essential. It will ensure that your final wishes regarding your property, your loved ones, and your healthcare options are carried out.
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Our Estate Planning attorney has the experience you need to address all your questions regarding wills trusts and probate, including estate administration. He is a knowledgeable and compassionate lawyer.
We are located 5 minutes from the Portage County courthouse in Ravenna, OH. Our law firm was created in 2000, and our lawyers have been servicing the Portage County community ever since.
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