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Medicaid: How To Plan Ahead For Long Term Care Coverage

Set Up A Supplemental Needs Or Other Trust

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Under federal law and under many state laws, it is possible for someone else to establish a Supplemental Needs Trust (also known as a Special Needs Trust) for a disabled person under age 65 to provide for needs which aren't paid for by Medicaid or SSI -- such as a vacation. In some states, these trusts can even be established with a disabled person's own funds.

It is also possible to set up an irrevocable "Medicaid Trust." Such a trust reduces wealth. The trust administers the assets in the trust as you direct. It can pay you a set amount of income for life.

This is much too complicated an area for the average lay person to attempt without legal counsel. Look for an attorney who specializes in elder law. Elder law attorneys have the most thorough knowledge and experience with trusts and Medicaid. To find an elder law attorney, see offsite link, and read our article: How To Choose An Attorney.

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