My child receives Medicaid....

My child receives Medicaid….


Many people don’t realize that inheritance often causes Medicaid recipients to lose their much-needed benefits.  That’s because those who receive Medicaid monies must pass an annual asset and income test to re-qualify for the financial assistance.  When they inherit assets outright, they often can no longer meet the asset test (and sometimes income test) and, thus, lose their assistance.  If they inherit enough assets to provide for them indefinitely, then there’s, of course, no issue.  But, more often than not, they only inherit enough to provide for them for a relatively short time.  And, when their inheritance runs out, they are left in ‘no man’s land’ for a period while trying to re-qualify for financial assistance.  Fortunately, Special Needs Trusts (or Supplemental Income Trusts) provide a way to allow for Medicaid recipients to benefit from an estate while still enabling them to meet the annual asset/income test.  The rules regarding these trusts, however, can be complicated.  It is, generally, wise to have a professional trustee (i.e., bank trust department) in charge of such trusts to ensure they operate as intended.    

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