In cases where you are disabled and expecting a workers’ compensation or other settlement, it's essential to consider how this might impact your federal and state benefits. Receiving a lump sum could potentially affect your eligibility for benefits like Medicaid or Supplemental Security Income (SSI).
Protecting Your Benefits
Special Needs Trust (SNT): An SNT is a viable option if you're concerned about losing needs-based benefits due to a settlement. Establishing a Special Needs Trust can help ensure that you remain eligible for means-tested benefits, protecting your financial and healthcare interests.
When to Consider an SNT: It's crucial to explore the creation of an SNT if your anticipated settlement may jeopardize your benefits. This legal arrangement can safeguard your assets while allowing you to continue receiving benefits.
Consult with Experts
It's often beneficial to discuss your options with experts in settlement planning. Companies like Ametros can provide guidance on Special Needs Trusts and offer solutions tailored to your settlement situation. Seeking professional advice ensures that you make informed decisions about your future.
For more in-depth information, consider reaching out to a qualified advisor to discuss the intricacies of SNTs and their potential impact.
