Episode 12: In this episode of Protect Your Nest, Attorney Brandon Lawrence explains how a Special Needs Trust allows disabled individuals to receive inheritances, gifts, or lawsuit settlements without forfeiting critical government benefits like Medicaid, Supplemental Security Income, and Section 8 housing. He outlines the differences between a first party and third party special needs trust. The first party special needs trust, which is funded with the beneficiary's own assets and requires Medicaid payback upon death. A third party special needs trust, which can be funded by family members and others, has no Medicaid reimbursement requirement, and remains private without court filing in Kentucky. Brandon also introduces pooled trusts for multiple individuals. He stresses the importance of selecting a trustworthy trustee, funding the trust properly, and writing a Letter of Intent to outline personalized medical, dietary, and recreational preferences. Finally, Brandon advises against several specific, but very important issues when setting up a special needs trust.

Until next time, I'm estate planning attorney Brandon Lawrence. This has been the Protect Your Nest podcast. Feel free to call me and get in contact with me, always. Let's talk it over.

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This podcast is meant to provide information and is not legal advice. Brandon's principal office is located at 101 N. 7th Street, Louisville, Kentucky 40202.