Special Needs Trusts And Medicaid Planning
We are now living longer than ever before. Never has creating a plan for our care as we age been more important. Costs for long term care, such as memory care, can range from a few thousand to more than $10,000 a month and many of us will need to create plans that include Medicaid planning. This type of planning can help preserve assets for a spouse or ensure a smooth transition to Medicaid.
At Gunn MacKenzie PLLC, we understand that these can be tough conversations to broach. Our attorneys offer decades of experience helping people just like you to understand their options and make decisions that serve their retirement and care goals.
Who Needs A Special Needs Trust?
Those of us who have a child or family member who need assistance in making decisions for themselves know the fear and concern of worrying about what will happen once we are no longer able to provide for them. Many people with disabilities rely on Supplemental Security Income (SSI), Medicaid, Veterans Affairs benefits and other forms of government assistance to meet their basic needs.
Our attorneys are experienced in the options to provide additional financial security to a family member who needs assistance. One common option is a Special Needs Trust. When drafted properly, a special needs trust can provide additional monetary resources that will not count against the recipient’s current assistance and public benefits eligibility.
These trusts can also be used to plan for the care of an adult child with a physical or mental health disability who will require ongoing care. Spousal special needs trusts are created to give the spouse who needs long term care the best quality of life possible.
Whether you are concerned for your own long-term care as you age, or you have a loved one with special needs, there is nothing more important than planning.
Get The Accessible, Reliable Help You Need
When done correctly, both Medicaid planning and establishing special needs trusts can greatly enhance a person’s quality of life. At Gunn MacKenzie PLLC, our attorneys have been practicing for 45 years combined. We enjoy helping clients protect themselves and their families by providing accurate, clear advice and representation on these matters. Call 360-836-4023 to schedule a consultation with a member of our legal team. You can also reach us by sending the firm an inquiry email.