Any funds in the trust are not viewable to Medicaid, lawyers, divorce or any
other source. Its essentially "hidden" money. The old drawback was the cost and
the fact you must put a family members name first on the trust.
Ron
On Sunday, December 18, 2016 3:16 AM, Dana Wray <[email protected]> wrote:
Does your trust affect your ability to get Medicaid funded care? I think
you're limited to having $2000 in your checking or savings account to qualify
for Medicaid.Dana C 4-5 quadriplegia, 42 years post injury.
On Sat, Dec 17, 2016 at 1:25 AM, RONALD L PRACHT <[email protected]> wrote:
This is awesome Jim. I paid big money to get mine set up, but its the way to go.
ron
On Saturday, December 17, 2016 12:09 AM, Jim Lubin <[email protected]>
wrote:
https://www.disabilityscoop. com/2016/12/16/new-access-
special-needs-trusts/23140/
New Law Expands Access To Special Needs Trustsby Michelle Diament | December
16, 2016
Tucked inside a larger bill signed by President Barack Obama this week is a
tweak to federal law that’s designed to make it easier for people with
disabilities to save money.
Under the new law, individuals with disabilities can create a special needs
trust for themselves rather than relying on others to do so.
Previously, such trusts needed to be established by a parent, grandparent,
legal guardian or a court.
The change outlined in a bill known as the Special Needs Trust Fairness Act was
approved unanimously by the U.S. Senate last year and passed the House of
Representatives in September.
But due to some differences in the House version, the measure returned to the
Senate and was ultimately bundled within the 21st Century Cures Act, which
Obama signed Tuesday.
The option for people with disabilities to create their own special needs
trusts takes effect immediately.
“This provision replaces an antiquated law that was unfair and outmoded in its
treatment of people with disabilities,” said Sen. Chuck Grassley, R-Iowa, who
sponsored the Special Needs Trust Fairness Act.
“Those who want and need to set up a trust to help pay for their care should be
able to do so, plain and simple,” Grassley said. “This measure allows
individuals to act in their own interests with their own assets without having
to rely on a family member or the courts.”
