Setting up a special needs trust is important, whether it’s for a child, a disabled adult, or an elderly parent. But how do you know if you’ve done it right? Many people worry that a mistake in their trust fund won’t be discovered until after their death, at which point the trust becomes “live” for the beneficiary. Fortunately, there are ways to ensure that your trust will function as you want for the beneficiary. Let’s take a look at some of the most common mistakes people make when setting up a special needs trust and how to avoid them. Don’t Allow Funds to Co-Mingle There are two kinds … [Read more...]

Special needs trusts exist to make care easier and more manageable for those with special needs, whether they’re children or elderly persons. Attorneys play an active and important role in helping those with special needs, and can assist in ensuring that their clients receive all of the benefits and financial assistance to which they are entitled. Learn more about the role attorneys play with special needs trusts and how they can get involved. Special Needs Trusts with Plaintiff Attorneys Medicaid has strict requirements regarding who is eligible for their benefits. Having assets above … [Read more...]

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...]