I am concerned that because I have a pension of $1650.00 and SS of $1400.00 I would never qualify for Medicaid should the need arise. My only child has a disability and I want to leave him some security for the future too. I don't know how to set this up. My mother just had to be placed in a SNF and her monthly income couldn't be more than 2180.00. Will I never qualify?
Carol
Your question about income and Medicaid eligibility requires more information. Nursing home residents can keep only a small amount of their income if Medicaid is paying the bill.
Establishing a Third Party Special Needs Trust for your child now provides a way for you to fund an inheritance for him that will not disrupt his income eligibility in the future.
An elder law attorney can also explain how establishing a (d)(4)(A) Trust for your child now will give him a place to deposit assets of his own, if that becomes necessary in the future.
Also ask about a special needs Trust for yourself, one that is Medicaid compliant.
I found my Elder Law Attorney that way, and she has been outstanding. Elder Law Attorneys are able to work through the maze of Medicaid, if needed. Know how to set up Trusts... and even do Wills and Power of Attorneys.
It would be very worth the cost to consult an attorney specializing in Elder Law. The lawyer can help you determine the best way to provide for your child.
At the end...Medicaid get the distribution from that trust.
That is how it is done.
See All Answers