Davenport Iowa Special Needs Planning

When you want to provide for a family member with special needs, you must be cognizant of government benefit eligibility rules.

Many people with disabilities rely on Medicaid, which is a government health insurance program. Individuals with special needs may also receive income through the Supplemental Security Income program.

These are need-based programs. If you were to name someone who is relying on these benefits in your last will, he or she would receive a direct inheritance. This could impact government benefit eligibility, because the financial status of the inheritance recipient would improve.

Supplemental Needs Trusts

It is possible to set aside resources for the benefit of a person with special needs through the creation of a supplemental needs trust. When you create the trust, you name a trustee. The trustee may utilize resources that have been conveyed into the trust to improve the quality of life of the beneficiary.

As long as the expenditures fall within certain categories, the existence of the trust does not jeopardize government benefit eligibility.

A Special Child Needs Special Planning

We are offering an in-depth special report on special needs planning as it applies to minor children. If you would like to download the report, which is available to our visitors free of charge, click the following link: Special Needs Planning Report.