Special Needs Planning: Protecting a Loved One Without Risking Their Benefits

Episode Summary:

In this episode of *Strategic Insights*, attorney Alan Eighmey sheds light on the risks families face when leaving money directly to a loved one with special needs, potentially jeopardizing their government benefits like SSI and Medi-Cal. Alan explains the importance of utilizing special needs trusts to safeguard these benefits while ensuring financial support for individuals with special needs without compromising their eligibility for crucial assistance.

Key Timestamps:

00:00 – Introduction

01:30 – Risks of direct inheritance for loved ones with special needs

03:15 – Impact of receiving an inheritance on SSI and Medi-Cal benefits

04:45 – Explaining special needs trusts and their protective role

06:20 – Differentiating first party and third party special needs trusts

07:50 – Permissible uses of funds from special needs trusts

09:10 – Risks of leaving money with a trusted individual

10:30 – Importance of selecting trustworthy trustees and care providers

12:00 – First steps for parents or caregivers in establishing a solid plan

About the Show:

*Strategic Insights* offers valuable guidance on critical life decisions, featuring attorney Alan Eighmey from Strategic Law Group. The show focuses on helping families create comprehensive plans to protect their loved ones at every stage of life.