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

When applying for public benefits in Texas, it is important to protect your assets. One way to do this is to create a Special Needs Trust. A Special Needs Trust can be established by a parent, guardian, or court to help protect assets while still allowing you to receive public benefits. The trust is set up to provide for the care and housing of a person with disabilities while protecting their assets. In Texas, the trust also allows you to keep your Medicaid eligibility and to receive long-term care benefits. Another way to protect your assets when applying for public benefits in Texas is to transfer the assets into the names of someone else. This could be a family member or a trust. This will protect the assets from being taken away in the event you qualify for public benefits. It is also a good idea to look into a self-settled trust or a pooled trust. These trusts allow the beneficiary to retain ownership of their assets and manage them, but the assets are protected from Medicaid. The beneficiary of the trust may receive public benefits while still having access to the money in the trust. It is important to keep in mind that when you are applying for public benefits, the rules and regulations vary by state. It is a good idea to consult an experienced attorney who can help guide you through the process and put effective planning into place to protect your assets.

Related FAQs

What other benefits might I be eligible for if I have a disability?
What is a Guardianship?
How do I apply for a Guardianship?
Can I receive disability benefits if I am already receiving Social Security Income?
How long does it take to receive a decision on my SSDI application?
What is the definition of a disability?
What is a Nursing Home Care Plan?
What documentation do I need to apply for disability benefits?
What is a supplemental security income (SSI) trust?
What are reasonable accommodations for a disability?

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

Related FAQs

Related Blog Posts