these trusts are worth every penny, allowing you to get state aid without claiming anything in the trust . If you have anything and dont have a trust you are going to give everything you have awayat some point
--- On Sun, 4/8/12, [email protected] <[email protected]> wrote:
From: [email protected] <[email protected]>
Subject: Re: [QUAD-L] "Irrevocable"Supplemental Needs Trust Fund"
To: [email protected]
Date: Sunday, April 8, 2012, 4:45 PM
yes, I do have such a trust. One important thing, at least in my state, is that whatever you put into the trust can be accessed and counted by anyone including Medicaid for five years. For example, if you put in $5,000, Medicaid can count that as a resource for the first five years. After that it is completely safe. It works like this: day one $5000 is unprotected. After year one $1,000 is projected. After year two $2,000 is unprotected etc. until you reach year five when all $5,000 is protected. So just remember that there is a waiting period until all your money is safe. But even after the first year, 1/5 of it is safe. You can put anything into an irrevocable trust, including cash, bonds, stocks, houses, cars -- you name it. It's a wonderful device.
Dan
Bobbie, some very interesting and valuable information. Unfortunately, I don't have a trust fund other than trust in the Lord. The expense and red tape are
just mind-numbing.
Date: Sun, 8 Apr 2012 06:30:41 -0700 To: [email protected]From: [email protected]Subject: [Quads United] A FELLOW QUAD, BOBBIE HUMPHRIES SAID I COULD POST...
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A FELLOW QUAD, BOBBIE HUMPHRIES SAID I COULD POST THIS HERE ON FACEBOOK I THOUGHT WAS VERY INFORMATIVE:
Hi All,
My family opened "Irrevocable"Supplemental Needs Trust Fund" we all
learned a lot going through the process. It must, and only can be, set up
by a lawyer. There are a few different kinds, the one I mentioned and an
"Supplemental Needs Trust Fund" "Special Needs Trust Fund" These "trust
funds" are already written up, you and a lawyer sit down together to
figure out which one best suites your individual needs and situation. It
cost $1,500 to set up with our lawyer.
Here are some questions I had for my Dad's lawyer after I read his will
and the answers; (a one time amount of money was given to me by my father
one month before he passed away, that's why the trust fund was set up.)
Can I have a check
written out to my home health aid personally, not the agency? - Answer - yes
Can I have a check written out to individual people, family members, > friends?
- Answer - yes
What if I go into a nursing home?
- Answer - No nursing home, or any other institution, can touch any of
the trust money.
Can I contest the will because I don't like the "trust"?
- Answer - I cannot change what my Dad wrote or wishes were if a judge
finds that Dad was not of sound mind at the time he wrote his will
Is there 1 trust or 2?
- Answer - Right now there are 2 trusts 1. The one that Patti, my sister
the trustee, opened and has DD as secondary. 2. One Dad established and
has Ray as primary and Michael as secondary. The Ray/Michael trust will
not be set up until Nellie (my step Mother) pass's away They can be merged
with some of paper work.
Page 8 Part A
What dose this sentence mean? "… the trustee shall
annually add to the
principal of such trust the balance of net income not so paid or applied."
- Answer - The money in the trust will be making intreats, if I don't
spend the intreats then I can not spend it the next year (or 50%?)
In my Fathers will he stated that he wanted a "… Supplemental Needs Trust"
set up for me -- my sister just set up an "Irrevocable Supplemental Needs
Trust"
Are they in "conflict" of each other AND can monies from the Supplemental
Trust be transferred into the Irrevocable Trust?
- Answer - yes, but it takes a lot of paper work - you can have more than
one trust fund
There has to be 2 people on the paper work to open the trust fund at a
bank that you choose, a primary "trustee" and a secondary "trustee" I have
my 2 sister's without hesitation. I met my sister Patti at he bank to open
the trust in case I had questions. An investment banker had to open the
trust, so we made an
appointment. It took about 11/2 hours total to go
through all the paper work. Then Patti was told that she had to inform
social security about the trust because I collect SSI. She also had to
call the IRS to get a tax ID number because I/she will have to pay tax's
on the money.
One of the first things I got with the trust money was a Hunter Douglas
motorized window shade for my bedroom $750 since I spend so much time in
bed and I get pounded by the sun.
Dose anybody else here have a trust fund?
Bobbie | | 
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