If the individual is under the age of 65, they can place their income or earnings into a self-settled trust. This is also referred to as a (d)(4)(A) trust. This type of trust will provide for the needs of the beneficiary of the trust. The trustee has to be an independent person, which means they cannot be directly related to the disabled beneficiary. The trustee will also have complete discretion on how the funds will be spent.
There are many examples of when this would happen. Some common examples include paying for insurance, over-the counter medications, dry cleaning, transportation fees, personal assistance, travel and vacation.
Read more information on Medicaid:
- What is a Pooled Trust?
- Supplemental Needs Trust Medicaid
- Supplemental Needs Trust, Pooled Trust, Self-settled Trust
- Medicaid Sitemap
- Medicaid Rules Purchasing Annuities
- Medicaid Transfer Assets
- Medicaid Gifting Rules
- Medicaid Joint Accounts
- Hide Assets from Medicaid
- Hide Assets from Medicaid
- Medicaid Home Equity
- Medicaid Laws
- Medicaid Annuity
- Medicaid Income First Rule
- Medicaid Long Term Care Insurance
- Medicaid Look Back Period
- Medicaid Life Estate
- Medicaid Loan
- Medicaid Deficit Reduction Act
- Medicaid Case Study
