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Special Needs Trust for an Elderly Parent

2024-10-196 min read
Special needs trusts aren't just for children. They can protect elderly parents receiving benefits too. ## When Elderly Parents Need SNTs ### Receiving SSI Parents on SSI can't have more than $2,000 in assets. ### Receiving Medicaid Medicaid has similar asset restrictions. ### Expecting Inheritance An inheritance could disqualify them from benefits. ## Options for Parents Over 65 ### Pooled Trust The only self-settled SNT option for those over 65. ### Third-Party SNT Can be established at any age by family members. ## Special Considerations ### Cognitive Decline If parent can't manage finances, an SNT provides protection. ### Healthcare Costs Medicaid coverage is crucial for nursing home care. ### Family Dynamics SNT ensures fair treatment among siblings. ## Funding Options - Life insurance from children - Inheritance redirected to trust - Settlement proceeds - Pooled trust contributions ## Act Before Issues Arise Planning ahead prevents benefit loss. Pioneer Credit Solution helps families plan for elderly parents. Call 1-888-271-2293.

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