As I sit at my computer composing this post, we are in yet another winter snow storm. The snow whirls in tornado circles creating high drifts in the yard and on the roadway. Even the wildlife that I may generally see has bunkered down for this event.
I reflect now on the radio interview that I did yesterday. I received a call after the show about Special Needs Trusts. These are trusts set up for the benefit of those with special needs who receive or may receive medical assistance or other government benefits. When the money of the person with special needs is used there is an age restriction for medical assistance benefits.
For medical assistance eligibility, the Special Needs Trust must be irrevocable and for the sole benefit of one with special needs under the age of 65. If the special needs individual is over 65, then their own money CAN NOT be placed in a trust to enable eligibility for medical assistance. This is to avoid those who may be going into a nursing home to take all of their money and have it placed in a trust so that they can qualify for public assistance, medicaid.
Leave your comments here or contact us at http://www.ythlaw.com/
I reflect now on the radio interview that I did yesterday. I received a call after the show about Special Needs Trusts. These are trusts set up for the benefit of those with special needs who receive or may receive medical assistance or other government benefits. When the money of the person with special needs is used there is an age restriction for medical assistance benefits.
For medical assistance eligibility, the Special Needs Trust must be irrevocable and for the sole benefit of one with special needs under the age of 65. If the special needs individual is over 65, then their own money CAN NOT be placed in a trust to enable eligibility for medical assistance. This is to avoid those who may be going into a nursing home to take all of their money and have it placed in a trust so that they can qualify for public assistance, medicaid.
Leave your comments here or contact us at http://www.ythlaw.com/
No comments:
Post a Comment