For your New Year’s resolution, consider setting up a special needs trust and providing financial security for your loved one. Read on to find out why a special needs trust is the resolution every family with a disabled loved one should make!
Continued Medicaid Eligibility
One way a special needs trust can help your disabled loved one is by preserving their eligibility for government benefits (Supplemental Security Income and Medicaid). Any assets not contained in a special needs trust could jeopardize their eligibility, which means their savings would go to covering basic expenses like housing and food that otherwise would have been covered by Medicaid or SSI.
When your loved one’s assets are contained in a special needs trust, they aren’t counted when it comes to Medicaid and SSI, which means their basic needs will be covered by government benefits. This leaves the assets in the trust open for other needs and wants – such as a private room in a nursing home, hobbies, entertainment, and comfort.
Nursing Home Care
Nursing homes are massively expensive. If your loved one’s assets are not held in a special needs trust, those assets will go to pay for your aging parent’s nursing home care. But if they are held in a special needs trust, Medicaid will foot the nursing home bill and your parent’s assets can be used for some of the aforementioned quality-of-life items.
Peace of Mind
It’s an unfortunate reality that financial predators will try to take advantage of an elderly or disabled person. But when you put your loved one’s assets in a special needs trust, the trustee is in control of how those funds are distributed – not the beneficiary (your loved one). So even if they do have the wool pulled over their eyes by someone with bad intentions, they can’t give that person any money unless the trustee says so. And if you’ve chosen a trustee like Alabama Family Trust, we can promise that those assets will be protected!
Call Alabama Family Trust to Set Up a Special Needs Trust!
Here at Alabama Family Trust, we’re passionate about helping families protect their disabled loved ones. If you have questions about a special needs trust, we’re here to answer them – and we’ll guide you through the setup process, one step at a time. This year, make a resolution that will greatly impact your disabled loved one. Contact us today!