Receiving a settlement award or money after a verdict at trial can be rewarding as you have been compensated for injuries you incurred because of another’s conduct. However, receiving such a monetary award can have an impact on your government benefits. For example, if you decide to take a rather large settlement without regard to your government benefits, you could lose the benefits as you would no longer qualify based on your income.
There are ways to avoid this issue, but the process can be confusing without the help of an attorney.
How Can I Protect My Medicaid and SSI?
Your Medicaid and/or social security income (SSI) benefits are undoubtedly important to you. As such, if you have these benefits and have also received a monetary award as part of a lawsuit, you may need to set up what’s called a “special needs trust” that allows you to both keep your government benefits, and receive your monetary award that is set aside in a special account so that it does not change your income eligibility. There may be other ways to protect your government benefits, but because any decision about your benefits is crucial as you get older, it is a good idea to allow an attorney to handle the matter on your behalf.
Contact Giro Elder Law Today to Speak with Our New Jersey Elder Law Attorneys
If you have any government benefits, the rules may be different for you when it comes to receiving money as part of a trial or settlement of a personal injury lawsuit. Many people have lost their government benefits as a result of receiving money from a lawsuit, and not taking the steps to both protect the monetary award and their government benefits. To learn more about protecting your government benefits, contact Giro Elder Law today by calling (201) 690-1642 to speak with one of our qualified New Jersey Elder Law Attorneys.