Parents of a child who is disabled should talk with a Long Island Medicaid lawyer. A disabled child is often dependent upon parents for financial support and is often reliant upon Medicaid and other means-tested government benefits, like Supplemental Security Income. Unfortunately, parents who want to provide financial security to ensure their disabled child is cared for after the parents pass away may find that their actions intended to help their child end up putting important benefits at risk.
Eghrari Wealth Training Law Firm can provide assistance to parents who want to make a plan to provide for their children with special needs. We can help parents to determine if a financial gift provided to a child could put means-tested benefits at risk and we assist parents in structuring gifts so benefits are not in jeopardy and so a child can be provided for. Give us a call to find out more about how we can help you.
Why Parents of a Disabled Child Need a Long Island Medicaid Lawyer
It is important for parents of a disabled child to talk with a Long Island Medicaid lawyer because many children with disabilities need Medicaid for insurance coverage. Medicaid that provides for the care of a disabled child is means-tested, with income limits and resource limits. If a child has too much money, property, or other assets, the child could lose access to benefits.
Parents typically want to provide financially for their disabled kids, but leaving money for your child after you are gone or giving your child money during your life could result in a loss of benefits if you don’t get legal help in order to do the transfer of assets the right way.
What Does a Long Island Medicaid Lawyer Do to Help?
A Long Island Medicaid planing lawyer can help parents to create a special needs trust, which is one of the most effective ways to provide a gift or inheritance to someone with a disability without putting benefits at risk. A special needs trust, or a supplemental needs trust as it is also called, does not directly transfer assets to your child.
Instead, a special type of trust is created to own trust assets, which are managed by a trustee on behalf of your disabled child. The assets in the trust shouldn’t be considered countable resources for determining Medicaid eligibility, as long as you have created the right kind of trust and followed legal formalities. Our firm can assist you in ensuring you create a legally valid special needs trust and that the trustee follows the rules to avoid problems with benefits, such as refraining from making in-kind gifts to the disabled child which are considered to be cash equivalents.
Eghrari Wealth Training Law Firm can not only provide assistance to parents of a disabled child in making use of a special needs trust to protect access to benefits, but can also provide parents with other types of guidance and legal assistance they may need to ensure their child is cared for.
For example, our firm can help you to name a guardian for your child in case something happens to you, and can assist you in determining if you need life insurance- and in what amount- to provide more financial stability for your son or daughter. We can also help you to ensure you make effective use of trusts, not only to avoid loss of access to benefits but also to ensure that the money you leave for your child is truly used to enrich is or her life after you are gone.
Contact a Long Island Medicaid Lawyer Today
Eghrari Wealth Training Law Firm understands the responsibility that parents of a special needs child feel towards their kids and we provide you with the advice and advocacy you need to fulfill your obligations to your son or daughter. We can offer you advice on the legal tools that you can use to help your disabled child have the highest quality of life possible and to ensure your child will be safe and provided for even when you are no longer here to offer care.
To find out more about the ways in which our legal team can assist you, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get personalized advice from a Long Island Medicaid lawyer about protecting your child’s access to benefits and about the other issues that matter to your child. Call today to get started on your plan for your child’s future.