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...]
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