Anyone who has a loved one with special needs is necessarily concerned about what they can do to ensure their loved one will be cared for if no one is around to assist. Fortunately, there are certain steps you can take to provide for your loved ones through your estate planning, which can help to protect them legally and financially. Here are five things you can do to protect your loved one with special needs:
Federal and State law provides a number of programs to help a person with disabilities. Such programs include. Security Income and Medicaid. Supplemental Security Income, or SSI, is a federal program that provides monthly cash payments to people in need. SSI is for individuals who are 65 or older, as well as for blind or disabled people of any age, including children.
However, to qualify for SSI and Medicaid an applicant must own less than $2,000 in assets. The value of your home does not count if you live in it. Usually, the value of your car does not count and the value of certain other resources, such as personal items or a burial plot, may not count either. Continue reading “Special Needs Trust Can Provide Effective Financial Relief for the Disabled Elderly.”