Do you or a loved one have a child receiving Medicaid, Social Security, or any other form of government assistance? If so, a disabled beneficiary is at risk of becoming disqualified to receive benefits after they receive an inheritance!
Don’t Worry Though, You Have Options!
There are two options to ensure your loved one receives benefits. If you have a loved one who would become disqualified from receiving government assistance, do the following:
- First, ABLE (Achieving a Better Life Experience) accounts:
- There are two requirements to qualify for an ABLE account:
- You must have a qualifying disability.
- The qualifying disability must have started prior to the age of 26. Regardless of the account balance, the beneficiary will continue to remain eligible for Medicaid. Additionally, the ABLE account can retain up to $100,000 that will be excluded from the beneficiary’s SSI resource limit.
- There are two requirements to qualify for an ABLE account:
- Second, Special Needs Trust:
- A Special Needs Trust is an irrevocable trust that is approved by Medicaid. Creating a Special Needs Trust will help ensure your beneficiary will receive an inheritance without becoming disqualified from Medicaid. Additionally, there is no monetary limit to a Special Needs Trust account. However, there are other restrictions in place to ensure that your beneficiary will not become disqualified from benefits.
What’s Best For You?
Find out what would be best for you and your disabled beneficiary by booking your initial consultation online today! You can also contact our office at 719-259-4971. Discuss your options with one of our experienced attorneys!