Did you recently inherit money? If so, are you worried about protecting your Supplemental Security Income (SSI) and/or Medicaid benefits? This can be tricky, but it is possible to have both. To hear more, watch this short video.
If you receive Supplemental Security Income (SSI) and/or Medicaid and are about to inherit money, you need to know how to protect those benefits. If that’s you, know that we can help with this! There are many other people in your position, and we recommend that you set up a trust.
With most people in this situation, their benefits are based on their income. Therefore, if their inheritance means that they earn too much, setting up a trust will protect them. This is called a supplemental needs trust, or a special needs trust.
There are two types of this kind of trust. One is through a third party, which needs to be your parents, siblings, or grandparents. Then there’s a first-party trust, which you can set up on your own, but you may lose some of your benefits, even if it’s after you pass away.
If you have any questions or if we can help you set up a trust, don’t hesitate to reach out. You can call us at (800) 419-7606. We look forward to working with you.