Many families struggle to preserve and protect assets for the care of an incapacitated family member. Special Needs Trusts have evolved to make that task easier. They are specifically designed to help the beneficiary avoid losing essential government benefits such as Medicaid, Supplemental Security Income (SSI) and mental health benefits.
Traditional trusts are considered available assets for SSI and Medicaid qualification purposes but Special Needs Trusts are a government-approved exception. They must be carefully drafted and administered to comply with strict regulations, and must be irrevocable. Properly executed, they preserve government assistance while providing additional funds to supplement the beneficiary’s needs. That can translate into improved quality of care over many years. A Haverford representative can advise you about whether a Special Needs Trust may be right for your family.