People sometimes hear bits and pieces about certain aspects of the estate planning process, and they come away with misconceptions that are built on kernels of truth. This will sometimes enter the picture when it comes to the interpretation of Medicaid estate recovery. In this post, we will look at the subject as it applies to assets that remain in a special needs trust. Government Benefit Eligibility Most Americans get health insurance through their jobs, but many people with disabilities … [Read more...] about Does Medicaid Recover the Remainder in a Special Needs Trust?
Special Needs Planning
There are a lot of acronyms used to describe government programs, and some of them represent terms that are very similar. This definitely enters the picture when it comes to Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). In this post, we will provide an overview of each of these respective programs so you can go forward with a solid understanding of the differences. SSDI When you work and remit your payroll or self-employment taxes, you earn Social … [Read more...] about Is There a Distinction Between SSI and SSDI?
There are pointed estate planning approaches that can be taken when certain circumstances exist. This is why you should discuss all the possibilities with a licensed estate planning attorney before you make any assumptions. This definitely applies to inheritance planning for people with disabilities. When you want to provide for someone with special needs, there are steps that you should take to make them more comfortable without doing any harm in the process. Government Benefit … [Read more...] about Special Needs Planning Can Preserve Government Benefits
Generally speaking, in the elder law/estate planning field, the term “Medi-Cal planning” is used to describe a very important strategy. To provide a brief explanation, a significant percentage of senior citizens will ultimately reside in nursing homes. Medicare will not pay for the custodial care that these facilities provide, but Medicaid is set up to absorb long-term care costs. Since Medicaid is a health insurance program that is intended for people with very limited resources, you have to … [Read more...] about Another Type of Medi-Cal Planning
In the estate planning field, we often help clients that have concerns about eligibility for Supplemental Security Income (SSI). This will usually be a factor when someone wants to provide for a loved one with special needs. There is another program that is similar in many ways called Social Security Disability Insurance (SSDI). The fact that it is a source of income for people that are disabled is self-apparent, but this program is separate from SSI. Let’s look at the differences between … [Read more...] about What’s the Difference Between SSI and SSDI?
There are those that see estate planning as a one-way street. They think that it’s all about deciding “who gets what” as it were. When that is determined, everyone can receive their inheritances in the same manner, or so this line of thinking goes. You can adopt this perspective, but it would be shortsighted to say the least. To devise a well-constructed estate plan, you should definitely consider the life situation of each person that will be receiving a bequest from you. If you do not act … [Read more...] about Special Needs Planning and Estate Recovery
When you plan your estate, it is important to understand that there are many different ways to get assets into the hands of others after you are gone. The ideal choice will depend upon your assets and your intentions, but the life situation of each respective inheritor should also be taken into consideration. With this in mind, let’s take a look at the value of the legal device called a special needs trust. Benefit Preservation Obviously, health care insurance is important for everyone, but it … [Read more...] about Use Resources Efficiently With a Special Needs Trust
One thing every family of a special needs child knows is that it often takes a village. In other words, the more helpful information you can obtain, from as many sources as necessary, the easier the challenge of raising a special needs child can become. Raising children with autism is no exception. One nonprofit charitable organization known as "TASK" is working in California to provide such assistance. TASK serves California families with special needs The mission of TASK is "to enable … [Read more...] about Upcoming Workshop in Los Angeles Provides Helpful Information for Children with Autism
Trusts are created for the purpose of protecting certain assets that you may want to leave for your heirs, but want to make sure they are used for whatever purpose you have in mind. A common example is money set aside for grandchildren when they reach a certain age. Trusts can also establish how the money can be used when they finally obtain it. Trusts are essential estate planning tools. A “Special Needs Trust” is a specific type of trust for the benefit of someone who is disabled. It is … [Read more...] about What Is a Special Needs Trust in Los Angeles California?
Special Needs Trusts are useful estate planning tools used to improve the lives of those who are disabled or have special needs. If a disabled individual receives government benefits, or may be eligible to receive them in the future, owning too much property can jeopardize their eligibility. A special needs trust can help the disabled maintain their eligibility for need-based government benefits, while still providing for their continued care. So, who can be a first party trust … [Read more...] about Who Can be a First Party Trust Beneficiary?