Can assets be protected if there is a disabled child in the family?

If so, how does it work and what are the pros and cons...Thank you Asked by Sandrasol05 35 months ago Similar Questions: assets protected disabled child family Recent Questions About: assets protected disabled child family Politics & Law > Law.

Similar Questions: assets protected disabled child family Recent Questions About: assets protected disabled child family.

A special-needs trust will protect assets for a disabled child in the family. A special-needs trust, also known as a supplemental trust, is a safe place to park assets for your disabled child. First of all, the trust is protected; if you are sued, go through a divorce, or have your will contested, the funds cannot be touched and there will never be an interruption in available money for your child.

Second, by giving money to the trust rather than directly to your child, he or she will continue to qualify for government assistance programs. "You can give money in such a way that the state doesn't view it as an asset or a resource," Cooper says. The money is doled out by a trustee, either yourself or someone you designate.

The funds can be used anytime, not just after your death. For instance, you might make use of government programs to provide basic expenses like medical care and housing, while using a special-needs trust for "enhanced care that improves the quality of life," says Pearson. Pearson, the father of two developmentally disabled sons who live in a group home, says he gives his sons money from their trusts that they mostly spend on country music CDs.

You could also use the money for medical equipment or care that Medicaid doesn’t cover. Sources: health.com/health/condition-article/0,,2... .

You can protect the assets. The Somerville Special Education Parent Advisory Council will host “What Keeps You Up at Night” Tuesday, May 12, from 6:30 to 8:30 p.m. In the library at Somerville High School, 81 Highland Ave.

An attorney will talk about the legal documents involved in protecting the assets of the child with special needs to maximize government programs. A social worker will talk about family and individual planning and the difference between being eligible for a state program and actually participating, plus other factors such as living arrangements. The financial advisor looks at how the trusts are managed, the funding of the trusts, and how to protect the other family assets from Medicaid as well as basic planning.

To register or for more information, call Debby Higgins, special education PAC coordinator, at 617-625-6600, ext. 6829, or email dhiggins@somerville.mec.edu. Sources: wickedlocal.com/somerville/news/x4072224... .

1 He's probably referring to a "living trust". It puts the assets in both names and the survivor gets what's left. The key is "trust".

Don't know if Medicaid can tap into it. Medicare has some new rules. Check with a lawyer who does trust work.

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1 He's probably referring to a "living trust". It puts the assets in both names and the survivor gets what's left. The key is "trust".

Don't know if Medicaid can tap into it. Medicare has some new rules. Check with a lawyer who does trust work.

He's probably referring to a "living trust". It puts the assets in both names and the survivor gets what's left. The key is "trust".

Don't know if Medicaid can tap into it. Medicare has some new rules. Check with a lawyer who does trust work.

2 Assets can be protected from Medicaid even if there isn't a disabled child in the family but the trust has to be set up a certain way. You need an attorney with knowledge of Medicaid. Not all elder law specialists do.

Call your local Office for the Aging. They'll probably have a staff member with some knowledge of Medicaid regulations and that person might be able to answer your questions. OFA may also be able to give you the names of some lawyers who have experience in the area you need.

Assets can be protected from Medicaid even if there isn't a disabled child in the family but the trust has to be set up a certain way. You need an attorney with knowledge of Medicaid. Not all elder law specialists do.

Call your local Office for the Aging. They'll probably have a staff member with some knowledge of Medicaid regulations and that person might be able to answer your questions. OFA may also be able to give you the names of some lawyers who have experience in the area you need.

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My son turns 18 today but does not graduate until next year. I am disabled, are we okay for child support until 21?

I have a disabled child which I receive around 700 a month for and I can't work since I have to stay home to take care..

I am a homeless, disabled, vietnam veteran with no assets, home was forclosed, savings are gone debt colectors r calling.

How to maximialize ssi benifits for adult disabled child living at home in NJ.

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