How can I protect the assets of my disabled family member?

When it comes to protecting the assets of a disabled family member in the District of Columbia, there are a number of strategies that can be employed. To start, it’s important to create and maintain a comprehensive financial and estate plan. Doing so will help you identify all sources of income and assets for your family member, as well as designate who should manage their finances and assets if they become unable to manage them themselves. Another option is to establish a Special Needs Trust. This type of trust is specifically designed to provide financial support to a disabled beneficiary while preserving their eligibility for public assistance like Medicaid and Supplemental Security Income. If you want to set up a trust, however, make sure to work with an experienced attorney to ensure it is accurately drafted and properly administered. You may also want to take advantage of certain tax incentives and benefits designed to help disabled individuals. For example, in the District of Columbia, disabled individuals may be exempt from certain property taxes. Additionally, benefits like disability income insurance may be available to help offset the cost of certain medical bills and long-term care expenses. Finally, it’s important to stay up to date on the latest disability-related legislation in the District of Columbia. Doing so can help you remain informed of new laws and regulations that affect your family member’s rights and entitlements, as well as any changes to the disability planning process.

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How can I protect the assets of my disabled family member?

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