Those who rely on government disability benefits can face the loss of those benefits if their income and assets become too great. This forces individuals to choose between the benefits of financial investments or getting regular needed disability benefits such as Supplemental Security Income and Medicaid. People in Florida may be wondering if there is a way to support both needs. A recent article telling about third-party special needs trusts gives more information on the subject.
Most parents in Florida who have children with special needs are concerned about the welfare of their kids when they are no longer there to provide care. However, parents must approach this matter with care to avoid jeopardizing the child's access to government benefits. Fortunately, special needs trust attorneys can provide legal support and guidance to put safeguards in place designed to protect special needs children that might outlive their parents.
In 1993, the Omnibus Budget Reconciliation Act of 1993 (OBRA-1993) was enacted to overhaul Medicaid. This allowed parents, grandparents, guardians or courts to establish self-settled Special Needs Trusts for individuals under 65 years old who have disabilities. However, until the signing of the Fairness in Medicaid Supplemental Needs Trusts as part of the 21st Century Cures Act in December, people with disabilities nationwide, including in Florida, could not establish such trusts on their own -- regardless of their levels of disability.