Why There Is Need To Establish Special Needs Trust In Arizona?
Senior citizens usually have access to federal benefits programs, including social security and medical coverage. The Medicaid program provides medical care benefits. All seniors over 65 years old can apply for it.
Instead of leaving money or property to the incapacitated, the trust can be used by the family. You can browse elderlawofaz.com/elder-law-altcs to learn more about this medicaid program.
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The Trust money is then spent on behalf of your loved one by a trustee. Trust funds can be used for expenses beyond the governmental benefits your loved one receives. These include vacations, travel expenses, as well as recreational activities. You will need to pay out-of-pocket for medical and dental expenses.
For disabled people under 65 years old, an irrevocable trust called a first party supplemental needs Trust can be set up using their assets. This trust is most commonly used when the disabled person can receive an inheritance or settlement which would increase their assets above the $2,000 limit.
An elderly person may also use the miller trust's excess income to pay a set amount for nursing home care. The state's medicaid has the right to reimburse excess funds if there is still money in the account. This whole process can sound very complex, so it is important to have a skilled and experienced elder law attorney.
To keep the trust eligible, it must be managed properly and monthly payments must be made. The trust must also be managed according to certain rules.