A person under 65 years old may create a first-party supplemental needs trust for income in excess of the monthly amount allowed by Medicaid. A person is entitled to fund this trust until the age of 65 years old and will be entitled to the resources in the trust until he or she dies. Furthermore, a first-party supplemental needs trust allows a person to designate a trustee to make payments on his or her behalf. It is worth noting that a trustee may be limited to the powers enumerated in the trust’s terms and conditions. Therefore, a person may choose to expand a trustee’s power or limit his or her power by setting forth specific guidelines.
If you are concerned about a disabled child’s income, there are government benefits that he or she may be able to receive with proper planning. Supplemental Security Income (SSI) provides income for food and shelter to aged, blind and disabled persons with little or no income. In New York State, a person is automatically eligible for SSI if he or she is eligible for Medicaid. Continue reading “Plan Now For Your Supplemental Security Income”