When a supplemental needs trust is set up, funds are provided by a third party, like a parent or grandparent. With these trusts, disabled people are still able to qualify for and possibly receive valuable benefits, like long-term care benefits and Social Security. This trust provides additional financial resources to supplement a disabled person’s public benefits, further enhancing their quality of life.
To be eligible for public assistance, a disabled individual must hold very limited resources, usually less than $2,000. If a disabled individual receiving the benefit of public benefits has $2,000 or more in resources, eligibility for public benefits can be put in jeopardy.
To qualify for a supplemental needs trust in Bristol, the following criteria must be met:
• The beneficiary must be under the age of 65
• The beneficiary must be disabled
• The trust must be created by a third party, not the beneficiary
• The assets in the trust must be used only for the Medicaid beneficiary
In Bristol, a supplemental needs trust can be created by our elder law attorney. We can create this trust to maximize a disabled loved one’s public benefits while retaining valuable assets. Talk to Allaire Elder Law to learn more about the value that a supplemental needs trust in Bristol can provide.,contact Allaire Elder Law today!