Trump Policies Will Likely Affect the Elderly and Special Needs Populations
With the recent election of Donald Trump, the elderly and special needs populations are likely to see changes. The President-elect has claimed that Social Security and Medicare will remain intact and solvent. How he plans to make this happen is something that has younger generations worried about the preservation of the fiscal health. For those who rely on Medicaid, block grants could go into effect, which could create profound changes for individual states, creating uncertainty and concern for planning needs. Additionally, the block grants will potentially affect special needs trusts, reducing or eliminating the benefits they provide. These possible Medicaid changes could also see many older homeowners losing their homes, a legacy for future generations, if the Medicaid program cannot pay for the cost of skilled nursing, keeping them from selling their homes and moving into nursing homes. Ultimately, in the near future, families will become more insular and protective of one another, and there will be high demand for multi-generational planning.
See Michael Gilfix, How Trump Policies Could Affect the Elderly and Those with Special Needs, Wealth Management, January 6, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.