With the $1.9 trillion stimulus package that was recently signed into law, many Americans are scheduled to receive a $1,400 stimulus check in the coming weeks. This has caused people with disabilities wondering if the stimulus payment will impact their eligibility for government benefits. Government benefits such as Medicaid, Social Security Income (SSI) and Supplemental Nutrition Assistance Program (SNAP) are means based programs that take into consideration one’s assets and income.
Rest assured that the stimulus payments are not treated as income for federal government benefits nor for state and local programs financed with federal funds. Similarly, the stimulus payments we be disregarded as a resource for twelve (12) months. Thus, you have twelve months to spend-down stimulus funds or transfer the funds to a supplemental needs trust before they are considered a resource.
For individuals who have been disabled before the age of 26 years, you may be eligible to fund an ABLE account to preserve these funds beyond the twelve-month time period. For individual who may already have a first-party supplemental needs trust, you may be able to transfer these funds to also preserve them beyond the twelve-month time period.
To learn more about how our dedicated team of attorneys can assist you and your family with preserving stimulus funds or any other assets, call (914) 684-2100 to schedule a no-obligation consultation today or contact us here.