If my daughter is 22 and has a lot of health issues, how can I establish a Trust for her without jeopardizing her medical and financial assistance?

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If my daughter is 22 and has a lot of health issues, how can I establish a Trust for her without jeopardizing her medical and financial assistance?

She is currently waiting for SS disability. She’s on medical assistance and also receives financial aid for school. I want to establish some kind of account or Trust fund that will provide some type of investment income. How can I protect this account? And, if I do this, would I need to report something to medical assistance? Her medical condition really won’t allow for her to be without good medical coverage. I’m afraid that I’ll do something that will cost her that insurance.

Asked on September 3, 2013 under Estate Planning, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You need to speak with an attorney who handles estate planning in person as to the particulars here.  There are many nuances in Trust and Estate laws and each state has they own set of rules allowing a person to "earn" a certain amount of income in order to be able to qualify for Medicaid Benefits.  There are many types of trusts and there are some that are specific to asset protection such as an Irrevocable Income-Only Medicaid Asset Protection Trust (IIOMAPT). They could indeed be the avenue you wish to pursue to protect your daughter.  Good luck.


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