Supplemental Needs Trusts
Receiving an inheritance is usually a good thing, but it can be stressful for individuals who receive income-based government benefits like Medicare, Medicaid, Social Security Income (SSI) or Supplemental Nutrition Assistance Program (SNAP) benefits. Careful planning through a Supplemental Needs Trust can ensure that individuals continue to qualify for these benefits even after receiving an inheritance.
Why Use a Special Needs Trust?
Many government assistance programs require a recipient to have less than a certain amount of assets, generally a few thousand dollars. When individuals receiving these benefits stand to inherit money they face a difficult scenario – accept an inheritance and lose their benefits or retain their benefits and lose their inheritance.
A Supplemental Needs Trust (also referred to as a Special Needs Trust) solves that difficult problem. Supplemental Needs Trusts are complicated and unique, but when executed correctly, they ensure that individuals can retain their needed healthcare and income benefits while also using funds received from an inheritance to supplement needs government programs do not cover.
Request a Consultation
The team at Parson Behle & Latimer are well versed in Supplemental Needs Trusts and can help ensure that receiving an inheritance does not mean losing your benefits. Call or schedule a free consultation today to learn more about how a Supplemental Needs Trust can help you or your loved ones.
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