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

When you apply for public benefits in Maryland, such as Social Security Disability, Supplemental Security Income, or Medicaid, it’s important to protect your assets. Assets are anything you own, such as cash, investments, real estate, or a car. Having too many assets can make it difficult to get public benefits. The best way to protect your assets is to create a special needs trust. This is a legal document that allows you to set aside money and other assets for your own benefit, while still qualifying for public benefits. The trust will be managed by a trustee who will use the trust funds to pay for things like medical care, housing, education, and other special needs. You can also protect your assets by investing in annuities or setting up a living trust. An annuity is a special type of investment that pays you a certain amount of money each month, typically after you retire. A living trust is a legal document that allows you to transfer your assets to someone else and provide them with an income or other benefits. Finally, you can also set up a will or create a disability plan. A will outlines how your assets will be distributed after your death, while a disability plan helps you to protect your assets if you become disabled. These documents should be prepared with the help of an experienced attorney. By creating a special needs trust, investing in annuities, setting up a living trust, or creating a will or disability plan, you can protect your assets when applying for public benefits in Maryland.

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

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