Special Needs Trust And Medicaid Eligibility
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FAQ
The trustee works in very close contact with the beneficiary and/or their caregiver to manage the trust and its financial distributions to pay for these things. The main takeaway regarding distribution of SNT funds is this: The beneficiary never sees the money directly, but the money is used to pay for their needs.
What are the main benefits of an SDT? The asset value limit of $781,250 (indexed annually on 1 July) and income from the trust may be disregarded for the purposes of the principal beneficiary's income support payment. Assets above that limit are added to the assessable assets of the principal beneficiary.
Cons of Special Needs Trusts The trust must be maintained, and yearly management costs can be high. Depending on who manages the fund, there may be a minimum amount required to set up the trust. It may be financially difficult for the settlor to actually establish the trust, depending upon their circumstances.
In a Revocable Trust or ?Living Trust?, Medi-CAL and/or other Creditors CAN count or take assets as they are YOUR ASSETS! A lien can be placed on a home or bank accounts owned by a Revocable Trust for your debts.
Because your special needs beneficiary will have no control over the money or property, SSI and Medi-Cal administrators will ignore the trust property for program eligibility purposes.