You can leave a special needs child an inheritance and protect their benefits.
Hi. I’m Gary, the owner of DeWitt Law. I’ve helped 1000’s of people here in NW Arkansas protect family, protect themselves, avoid probate, and protect assets for their peace of mind.
You don’t have to leave a special needs child or a child receiving government benefits out. If they are getting Medicaid or SSI, they can still benefit from an inheritance. They don’t have to be left out to rely on the pittance that SSI would pay them.
We leave them an inheritance with a special type of trust. This trust is called a third party supplemental needs trust or special needs trust.
This trust can be setup now and just waiting to catch their inheritance. Even their grandparents and other relatives can leave money to this third party trust. And it has no upper limit as to how much money can be in it.
These trusts are often funded with the proceeds from life insurance. You get a life insurance policy and make the trust the beneficiary.
With this trust, your child never legally owns the property in the trust but they get the benefit of the property and money in the trust.
The trust can pay for things that SSI and Medicaid can’t pay for like travel, ball game tickets, and electronics. It can also pay for medical equipment and procedures that Medicaid won’t pay for.
You set the rules on how the money is to be spent. You set the rules on who receives the money after your child passes.
If done properly, Medicaid cannot make a claim or try to recover against the money in this trust.
If you want to know more, go to DeWitt.law/ep