How can I assure my loved ones financial security and not jeopardize public benefits?
Too often, parents or others leave their loved one with a disability an inheritance. If your child receives SSI and/or Medicaid and has access to more than $2,000 in assets (e.g., from an inheritance), he would lose eligibility for SSI and Medicaid. He would have to spend down that amount to below $2,000 before he could reapply for these benefits. If he is receiving means-tested public services, the inheritance would be considered an asset and your child would incur “cost-of-care” charges. Publicly funded residential costs, for example, can amount to several thousand dollars per month. Having to pay even some of these costs can quickly deplete funds that were intended to supplement the low personal care allowance. In this situation, the inheritance or gift will not have the intended benefit if the result is loss of benefits. Some parents do not leave an inheritance to their child. Instead, a sibling or other family member receives an additional share of the inheritance to use to benefi
