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Can my estate plan help me qualify for government benefits?

When planning your estate, it's important to consider how your plan may affect your eligibility for government benefits. At Heritage Law Office, our experienced estate planning attorneys will thoroughly review your needs and wants when planning your estate and provide an outline of your best options, including strategies to help you qualify for government benefits. Contact us either online or at 414-253-8500 to schedule a free consultation today.

Understanding Government Benefits and Estate Planning

When it comes to estate planning, understanding how your assets and decisions can impact your eligibility for government benefits is crucial. In this section, we will discuss the different types of government benefits and how estate planning can help you qualify for these benefits.

Social Security Benefits

Social Security benefits are a crucial source of income for many retirees and disabled individuals. Proper estate planning can help ensure that you maximize your Social Security benefits and maintain your eligibility.

Medicaid

Medicaid is a government program that provides healthcare coverage for low-income individuals and families. When planning your estate, it's essential to consider how your assets and decisions may affect your Medicaid eligibility, as the program has strict income and asset limits.

Supplemental Security Income (SSI)

Supplemental Security Income (SSI) is a federal program that provides financial assistance to individuals with limited income and resources who are aged, blind, or disabled. Estate planning can help protect your eligibility for SSI by ensuring your assets and income remain within the program's limits.

Estate Planning Strategies to Help Qualify for Government Benefits

Estate planning strategies can be used to preserve your eligibility for government benefits while still protecting your assets and providing for your loved ones.

Special Needs Trusts

A Special Needs Trust (SNT) is a legal arrangement that allows a person with a disability to maintain their eligibility for government benefits while still benefiting from the trust's assets. An experienced estate planning attorney can help you set up a Special Needs Trust to protect your loved one's future.

Irrevocable Trusts

An irrevocable trust is a type of trust that cannot be altered or revoked once it is created. Transferring assets into an irrevocable trust can help you qualify for government benefits, as the assets in the trust are no longer considered part of your estate for eligibility purposes.

Asset Transfers

Transferring assets to a loved one or into an irrevocable trust can help you qualify for government benefits by reducing your countable assets. However, it's essential to work with an experienced estate planning attorney to ensure that these transfers are done correctly and do not result in penalties or disqualification.

Potential Risks and Pitfalls in Estate Planning for Government Benefits

While estate planning can help you qualify for government benefits, it's essential to be aware of the potential risks and pitfalls involved.

Look-Back Periods

When applying for government benefits, agencies often look back at your financial transactions to determine if any assets were transferred in an attempt to qualify for benefits. This look-back period can result in penalties or disqualification if assets were transferred improperly.

Estate Recovery

In some cases, the government may seek to recover the cost of benefits provided to an individual by claiming against their estate after their death. Proper estate planning can help protect your assets from estate recovery.

Ineligibility Due to Improper Planning

Improper estate planning can result in ineligibility for government benefits, as well as potential penalties and legal consequences. It's crucial to work with an experienced estate planning attorney to ensure your plan is both compliant and effective.

Contact an Estate Planning Attorney

To discuss your estate planning needs and learn how your estate plan can help you qualify for government benefits, contact our experienced attorneys at Heritage Law Office by using the online form or calling us directly at 414-253-8500. Our knowledgeable estate planning attorneys will help you navigate the complex process of estate planning while keeping your eligibility for government benefits in mind.

Contact Us Today

For a comprehensive plan that will meet your needs or the needs of a loved one, contact us today. Located in Downtown Milwaukee, we proudly provide legal advice to those in Milwaukee County and surrounding communities.

Milwaukee Office
757 N. Broadway, Suite 300
Milwaukee, WI 53202
414-253-8500
Minneapolis Office
Remote
Minneapolis, MN 55104
612-204-2300
414-676-2787 (fax)
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