SNTs and homes…read on:
CLIENT QUESTION:
My son is disabled and on SSI and Medicaid. He inherited a lot of money which we put into a first-party Special Needs Trust (SNT). Can the trustee buy a house for him?
MY RESPONSE:
YES, the trustee can buy a house for him. Just remember that all first-party SNTs must be written where Medicaid has to be reimbursed upon your son’s death. That means the house may have to be sold and paid to Medicaid at that time. If you or another family member are living in the house with him, you may want to discuss other arrangements.
I hope this helps. |