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

In Nevada, it is important for people living with disabilities to protect their assets when applying for public benefits. The best way to do this is to create a Special Needs Trust. A Special Needs Trust is a legally binding document that holds resources such as money, investments, and real estate for the benefit of the person with disabilities, while also protecting their eligibility for public benefits. When establishing a Special Needs Trust, it is essential to have the assistance of an attorney or other professional. This is because it is important for the trust to be set up correctly in order to be valid and effective. This includes selecting the right person or institution to serve as the trustee and making sure the trust contains language that will preserve the individual’s eligibility for benefits. Additionally, the trust should be properly funded in order to ensure long-term financial security for the person with disabilities. Another way to protect assets when applying for public benefits is to transfer assets to another family member, such as a spouse or parent. This can help the individual maintain eligibility for public benefits, while also ensuring the assets remain in the family. Finally, it is important to note that the laws surrounding disability planning and public benefits vary from state to state. It is important to seek the assistance of a qualified professional in order to ensure the individual’s assets and eligibility are protected.

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