Supplementary Needs
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?
Individuals receiving needs-based government assistance are often limited to a certain amount in assets, generally a few thousand dollars. Inheriting money can put them in a difficult situation: either forfeit the inheritance to maintain eligibility for essential benefits, or accept the inheritance and lose their crucial support.
A Supplemental Needs Trust (also called a Special Needs Trust) provides a solution for individuals with disabilities who want to accept an inheritance without jeopardizing their eligibility for essential government healthcare and income benefits. These trusts are complex, but when correctly established and managed, they ensure inherited funds are used to supplement needs not covered by government programs.
Request a Consultation
Ed and his team at Parsons Behle & Latimer are experts in crafting Supplemental Needs Trusts and can help secure your inheritance without the risk of losing government benefits. Contact us for a complimentary consultation today to learn more.
Ready to discuss your estate planning needs?
Every estate plan is as unique as the individual it serves. As an accredited Estate Planner at Parsons Behle & Latimer with over 25 years of experience in estate planning for families, Ed can help you better understand what plan is best for you. Reach out today for a complimentary consultation.
