How can I protect my assets when applying for public benefits?

When applying for public benefits in California, it is important to protect your assets. There are several strategies you can use to do so. First, you should consider setting up a Special Needs Trust. This is a trust that can be used to hold assets for a person with a disability, without disqualifying them for public benefits. The trust can be used to pay for medical expenses, educational costs, and other needs that are not covered by other sources of income or public benefits. Second, you should look into a Medicaid Spend Down program. This program allows individuals with assets over the Medicaid eligibility limits to liquidate certain assets in order to qualify for benefits. The liquidated assets can be used to pay for medical care, insurance premiums, and other necessary expenses. Third, you should create an Individual Retirement Account (IRA). This is an account that you can use to save money and invest for retirement. It is not counted as an asset, which means it is not considered when determining eligibility for public benefits. Finally, you should consult with a disability planning lawyer in California. They can help you navigate the complex rules and regulations associated with disability planning law in California. They can also advise you on the best ways to protect your assets and ensure that you receive the public benefits you need.

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