Have you been caring for a loved one that suffers from a disability and is now growing increasingly concerned about their financial welfare? Are they part of an age range that will be difficult for them to financially support themselves and their healthcare needs due to Medicaid and/or SSI regulation requirements? Are you wondering what you can do to help them? If you answered yes to any or all of these questions, then you may want to consider OBRA 93′ trusts in Chicago. Here are two frequently asked questions about this type of trust to help you and your loved one make an informed decision.
What is an OBRA 93′ Trust?
One of the most frequently asked questions about this type of trust is what is an OBRA 93′ trust. This type of trust overhauls Medicaid and SSI. It is a trust that allows authorization of legal guardians, parents, grandparents, and courts to create a trust to use, hold, and protect a disabled individual’s assets for Social Security purposes.
How Can This Trust Benefit Your Loved One?
An OBRA 93′ trust can benefit your loved one as they will be able to remain eligible for benefits and programs that test’s an individual’s means. As you may or may not be aware, the disabled individual must be at or below $2,000 in assets to remain eligible for SSI and Medicaid benefits. This trust will protect them from this requirement so that your loved one will not need to live in poverty to receive program benefits.
Who to Turn to for Help in Chicago?
Perhaps you are now searching for services that specialize in OBRA 93′ trusts in Chicago. Contact the experts at Life’s Plan Inc. They offer several decades’ worth of combined expertise and have been serving clients for several years.
So, when searching for help with OBRA 93′ trusts in Chicago, they are the ones you can trust to turn to for help. Call or visit them today.