People are living longer than ever before. That is why planning for long-term care is important. Likewise, plans should be made for people with disabilities. Unfortunately, people with assets do not qualify for medicaid. Therefore, any one who wants to protect their assets should start a trust. Interestingly, Medicaid and SSI allow individuals to own a home and a car. However, if the individual has any savings, the government does not pay. Likewise, if someone gets an injury settlement, medicaid and SSI turn off benefits.
One of the ways to protect yourself is with a trust. Visit a Special Needs Trust Attorney Rockland County NY. Mark Aberasturi is one lawyer in the area who handles elder law. It is important to have a lawyer create a trust. There are special rules that must be followed with different types of trusts. For example, a revocable trust is for the donor’s use while they are alive. They have control over the trust and can use some of the funds. This type of trust is used to protect assets and get around probate. On the other hand, a donor is not allowed to take from an irrevocable trust. Rather, trust funds can only be handled by the trustee. Many donors live off the interest on the trust but never access the principal.
An irrevocable trust can be used as a special needs trust. Meet with a Special Needs Trust Attorney Rockland County NY to create the trust. The donor puts their money into the trust rather than leaving it to someone in a will. It is best to name a non-relative as trustee. That is because the government will not find the trust when checking for assets. The trust benefits the donor because the trustee pays for things on their behalf. For instance, trust funds can be used to pay for vacations and education. Being disabled or elderly should not hinder one from having a good quality of life. If people do nothing, they will use all their assets to pay medical bills. No one wants to end up being dependent on their family. Plan ahead while you are able. You can also visit them on their Google+ page for more information.
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