As you get older, you may be aware that your adult child who is disabled or unable to work and receives SSI or Medicaid benefits, may never be able to take care of him/herself. A concerned parent should be aware that there are ways to protect that disabled child for his/her lifetime and not endanger the child’s government benefits. The best way is to create a SPECIAL NEEDS TRUST.
A Special Needs Trust (SNT) can be created from the child’s own money – such as an inheritance, an insurance payout, or a personal injury settlement — or the money of a third party. This trust created from the individual’s own funds is more expensive because it must be approved by the court. The easiest and least expensive SNT to make is when a parent or grandparent or other third party pays for the trust and contributes a sum of money … Read More