If a person who is over 65, blind or disabled has no other income, they can qualify for SSI, Medicare and Medi-Cal—all very valuable benefits.
If a person with these benefits has over $2,000.00, they will lose these benefits. Many parents believe that they need to disinherit a disabled child, so they don’t lose the benefits. These parents give everything to their non-disabled child with the hope that one child will take care of the other; however, the non-disabled child could spend it all or just lose it to creditors, predators, or divorce.
There are Trusts specially designed for disabled people called Special Needs Trusts, and they are set out in Federal Law. These Trusts allow a person on public benefits to keep the benefits and have funds set aside for their benefit.
These funds can be managed by their sibling or a professional Trustee. Funds in a properly drafted Special Needs Trust will not be counted, so the loved one with a disability will have funds set aside to be used for things they want or need, and these funds are protected so they aren’t spent or lost to creditors, predators or divorce.
If you have a loved one facing Dementia or Disability, call Martha Patterson at 855-353-3777 for a FREE Discovery Call and get your questions answered and find out how you can make sure your loved one is protected.
