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Personal Injury

Personal Injury and Medicaid/SSI

Personal Injury settlements could be a little difficult. The difficulty is that while the IRS does not recognize the settlement for tax purposes as income, Medicaid does recognize it as an asset. The most convenient planning technique is to create a Special Needs Trust for the Personal Injury Settlement. I handle about three to four SNT’s per month for clients receiving a personal injury settlement that are on SSI or Medicaid. A Special Needs Trust is a unique irrevocable trust whereby the money is not counted as an asset for the individual, but the money could ONLY be used for the...

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