Providing Assets for a Loved One in Massachusetts
Many parents in Massachusetts want to leave money to a disabled child or other family member who receives government benefits such as MassHealth, Medicaid or Social Security Disability Insurance. Unfortunately, providing a substantial gift to someone who receives government assistance could make the person ineligible for those benefits. The money you wanted to go to your family member may end up causing your beneficiary to lose, at least temporarily, very important health insurance coverage and other public benefits.
There is a way to provide money and other assets to a loved one without making them ineligible for government benefits. At the Gemma Law Office in Braintree, Massachusetts, we offer a free initial consultation to discuss special needs trusts and other estate planning strategies to provide a secure future for your family member.
What Is a Special Needs Trust?
A special needs trust, or supplemental needs trust, may benefit individuals such as an incapacitated spouse or a disabled child. The beneficiary of the trust will have the benefit from the trust for expenses such as basic amenities, vacations, clothing and other expenses. However, since the money is held in a trust and is not under the beneficiary's control, it does not count as personal assets that would disqualify that person from receiving government benefits such as MassHealth, Medicaid or SSDI.
There are many ways to fund a special needs trust. For example, you could direct money from an inheritance, life insurance policy or personal injury settlement to fund the trust. The person you name as trustee would manage those assets and use them to provide supplemental income for the beneficiary.
Schedule a Free Consultation With a Lawyer
Make today the day you start planning wisely for a loved one's future. Contact us by telephone or e-mail to schedule a free initial consultation with attorney Anthony Gemma. Our Braintree office is easily accessible from Boston, as well as Metrowest and South Shore communities, and has free parking and disability access.
