My son has applied for Disability Benefits (having been disabled since birth), however, I have saved money for him over the years for him to use for his future. Did you put it in his name, or is it in your own named account?
He is now 18 years old (almost 19) and is applying for Medicaid to go along with Disability Income. However, I understand that if he has more than $2,000.00, he will not qualify for Medicaid. That is likely. Nor will he qualify for SSI (Supplemental Security Income) if that is the type of disability he is applying for. Are either of his parents collecting Social Security by chance?
Is there some vehicle, other than trust funds, in which this money can be invested and can stil receive Medicaid? A trust fund is both costly and a lot of work. No, the SNT is it. After you get the Trust set up, it is not expensive, so long as you do it yourself. If not, which type of trust fund is better--a group one or one that a lawyer sets up one time with a trusted person to manage it?I prefer the latter, so you have some power over the great things you can spend it on. When that is in the hands of another, he/she may be very stingy.
Country relating to Question: United States
State (if USA): Rhode Island
My son has applied for Disability (and is under consideration, but has not yet received determination as to eligibility)and is about to submit application forms for Medicaid. I have read about trusts, although a bit complicated for me. I'm wondering what his options are for money that I have saved up for his future as to avoid costly lawyer fees and trust fund set up fees yet insure that he receive Medicaid. I am going to assume that you DID put the moneys in his name. If you didn't, all is good. But if you did, aside from a trust, have you considered spending it down in a way that benefits him long term (as opposed to frivolous spend down). For instance, the possibiity of a house that he can live in (or the down payment for one). A house one owns and lives in is NOT a counted resource, typically.