Tag Archives: types

What Are the Different Types of Special Needs Trusts?

The process of estate planning involves careful decision-making. You should act in an intelligent and informed manner so that you do not make mistakes that cause unintended negative consequences. With this in mind, we will look at special needs trusts in this post. People With Disabilities There is no one-size-fits-all estate plan, because every family is different, and every person is unique. When you have someone with a disability in the family, you should certainly act in a measured fashion when you are putting your estate plan together. Individuals who have special needs are typically enrolled in the Medicaid program. Medicaid is a health insurance program that is jointly administered by the federal government along with each respective state government. The Medicaid program is designed for people who have significant financial need. As such, if you want to qualify, you must be able to meet the income and asset requirements. For an individual, the asset limit in most states is jus