Typically, to qualify for Medicaid the recipient must be on SSI, a disability income program. Eligibility for SSI requires a person to be impoverished which is defined as having no more than $2,000 in assets and income less than $794 a month. It is difficult if not impossible for a person to sustain themselves on that amount. Most recipients receive assistance from their parents.
The only practical and legal method for a parent to leave an inheritance to supplement their child is through a special needs trust. Unfortunately, the legal fees required to establish the trust is more than most parents can afford. The Special Needs Estate Planning Taskforce has solved this problem by creating a trust package that middle America can afford. The trust package is unique in that it consists of four trusts.
In addition to a special needs trust, it has a caregiver trust designed to cover expenses the caregiver incurs that cannot be paid by the special needs trust. It also has a spendthrift trust for those who have a disability but are not on Medicaid. The fourth trust receives the inheritance and distributes it to the other three trust as needed. Life insurance is the number one funding vehicle and nothing else is close.
For information about developing this market call 501-680-2744. For information about the Taskforce visit specialneedstaskforce.com