Our elderly loved ones often need care and compassion in their golden years.  Sometimes, caring for our loved ones can be financially stressful – and in some cases, impossible – without the right funds and support. In Alabama and some other states, Special Needs Trusts exist to help the elderly in a way that not only maximizes their finances, but also enables them to continue receiving Medicaid benefits. For example, one popular belief is that elderly individuals entering a nursing facility cannot receive Medicaid benefits unless they “spend down” their assets. While this is true without … [Read more...]

A special needs trust is a trust formed for a disabled individual that allows the individual to shelter his or her financial assets while still being eligible for government benefits such as Supplement Security Income (SSI) and/or Medicaid.  The trust enables the individual to use government benefits to provide for basic needs of life while allowing the trust assets to provide for the extra or supplemental needs of life. How Does It Work? SSI and Medicaid have very strict financial criteria that a disabled person must meet before being eligible for any government assistance.  In essence, … [Read more...]