I had one for years before I got Medicare. Trying to protect money incase of medical bills. You just need to trust whoever is in control of it. I ended mine for 2 reasons. Trying to save money not doing an extra tax return, etc. Plus (At least where I lived) whoever’s name controlled the Trust had to claim the money that came out of the Trust. So it can screw with their tax return too. But, I’ve thought of doing it again. Then I can get more low income programs. Like if all I had was Medicare I’d qualify for lower property taxes. Right now I’ve found a few helpful programs that only qualify by income, not counting assets. But I’ve seen others that I’d qualify for if I did not own my house, or had assets more than a few thousand, etc. --
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 ----- Message from [email protected] --------- Date: Sun, 8 Apr 2012 13:05:39 -0400 From: William Willis <[email protected]> Subject: [QUAD-L] FW: [Quads United] A FELLOW QUAD, BOBBIE HUMPHRIES SAID I COULD POST... To: [email protected] 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... Michael Vestal posted in Quads United Michael Vestal 9:30am Apr 8 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 View Post on Facebook · Edit Email Settings · Reply to this email to add a comment. ----- End message from [email protected] -----
<<image/jpeg>>
<<image/gif>>
