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.