Estate Planning for special needs families
Many individuals with disabilities can benefit from an array of government programs to meet their basic living needs, including Social Security and Medical Assistance. Adults with disabilities, however, must meet strict assets limits to be eligible for these programs. Social Security has an asset limit of $2000 and Medical Assistance has an asset limit of $3000.
These are many options, however, to avoid these asset limits! Any assets in a supplimental needs trust, a special needs trust, or ABLE Act account will not count against an individual’s asset limit.