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

When applying for public benefits in North Carolina, it is important to protect your assets in order to ensure eligibility. There are a few steps you can take to protect your assets when applying for public benefits. First, you should complete a spend-down plan. This means spending down large assets, such as cash or investments, and using those funds to pay for food, housing, and other living expenses. This will reduce your assets and make you eligible for public benefits. Second, you should transfer ownership of assets, such as real estate or other investments, to another family member or put them into a special trust. This will protect your assets from being counted as part of the public benefits eligibility process. Third, you should set up an ABLE account to save money specifically for disability-related expenses. Assets in an ABLE account are not counted as part of public benefits eligibility. Finally, you should hire a disability planning attorney to help guide you through the process. An experienced attorney can help you create a comprehensive plan for protecting your assets and applying for public benefits. By taking these steps, you can ensure that your assets are protected when applying for public benefits in North Carolina.

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

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