A concern that many families have, when they are caring for someone with special needs, is protecting that person’s eligibility for government benefits. In some cases, the receipt of a substantial inheritance could jeopardize eligibility for Social Security Income, for instance. But, with an effective estate plan, including a special needs trust, eligibility can be protected. An estate planning attorney can show you how SSI and special needs trusts go hand in hand.What is a Special Needs … [Read more...] about SSI and Special Needs Trusts
Special Needs Planning
According to the National Organization on Disability, nearly 54 million Americans are coping with special needs. That’s almost one-fifth of our population.Thanks to improved care and advancements in medical technology, many individuals with special needs are outliving their parents or caregivers. Special needs planning is a necessity for anyone who has a disability or is caring for someone with a disability, and more specifically, a special needs trust. If you are a caregiver, you may be … [Read more...] about How Much Does a Special Needs Trust Cost in California?
Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are both benefits programs designed for the disabled. Both are managed by the Social Security Administration. However, eligibility requirements for these two programs are quite different. A significant difference between the two is that SSDI is only available to workers earning enough “work credits” with Social Security. While SSI disability benefits are available to low-income individuals regardless of … [Read more...] about What Are the Differences Between SSI and SSDI?
Caring for someone with special needs is a full-time responsibility. But what happens if the caregiver dies or becomes incapacitated? Who will continue providing care for the person with special needs? Provisions can be made in your estate plan that address this unfortunate situation. One of the best ways to handle this situation is to create a Third Party Special Needs Trust.A special needs trust is useful, not only for ensuring future care of disabled loved ones, but also in making sure … [Read more...] about What is a Third Party Special Needs Trust?
You just received a settlement of your personal injury claim. But, what should you do with that money? This is an extremely important question, if you receive any need-based government benefits. Receiving a large monetary payment could potentially jeopardize your eligibility for certain benefits. For example, to be eligible Supplemental Security Income (SSI), you must have less than $2,000 in assets if you are single and less than $3,000 if you are married. You must also have very limited … [Read more...] about How to Protect Personal Injury Settlement From Creditors
Individuals with disabilities require substantial resources to care for not only their medical needs, but their personal needs as well. If you care for someone who is disabled, you are probably familiar with need-based government assistance programs, such as Medi-Cal and Supplemental Security Income (SSI). Eligibility for these two programs is based on income. A Supplemental Needs Trust is an estate planning tool that can be used for the benefit of the disabled, while protecting their … [Read more...] about What is a Supplemental Needs Trust?