Chuck, I can’t answer your real question. Sorry. But I am a car collector and depending on the configuration of tha Superbird, it may be worth in excess of $250K. Quite possibly over $1M. Please be very careful there. It could be possible that you’re worrying about the wrong funding scourge!
On Sat, Nov 18, 2017 at 6:54 PM <[email protected]> wrote: > I am sure each state has its own rules. Thanks for asking. I send a > query to my tax lawyer and my estate lawyer. > I hope he has not already formally taken possession. > > *From:* Steve Jones > *Sent:* Saturday, November 18, 2017 5:48 PM > *To:* [email protected] > *Subject:* Re: [AFMUG] OT Quandry > I just got off with my mother, she doesnt remember the specific name. This > is in illinois so may be different. Its was a pretty big chunk. > Mom stressed though to get to an artorney yesterday. The trust had to be > established before formally taking possesion of the money. It had to go > directly to the trust. > Had she just cashed the check into an account while setting things up it > would have made her ineligible for further aid. This was around 70k, but > would have made it virtually impossible to get back on the aid. > Id say get with an attorney before the shipping is arranged, that may > constitute taking possession of the award and be too late. > > Hers was not a prize award, it was an aggregat of payments she was > supposed to be recieving while her pos father was alive, when he died the > government made retroactive payments. So it may not be the same scenario. > > I can give you offlist name of the law firm here in illinois if you want > > > On Nov 18, 2017 6:28 PM, <[email protected]> wrote: > > If there is any chance you could come up with the type or name of the > trust it could be helpful. > > *From:* Steve Jones > *Sent:* Saturday, November 18, 2017 3:59 PM > *To:* [email protected] > *Subject:* Re: [AFMUG] OT Quandry > > My sister lives in a group home, same scenario, funding fully from > programs. She had a substantial windfal when her pos dad died. Went through > a lawyer and got the money into a specific type of trust, its usable as she > sees fit, but upon her death the government gets any remaining funds. Its a > fairly common setup, but you really need a lawyer to handle it, there are > alot of Is and Ts any one of which not being correct can cause ineligibilty > for aid > > If he has the option to take cash value on the prize it would probably be > easier to swing. > > On Nov 18, 2017 3:28 PM, "Chuck McCown" <[email protected]> wrote: > > My nephew is mostly bed bound. Quad due to spinal fracture about 25 years > ago (he is 54 I think). Has almost 100% hand functionality. > I have no idea how many government programs support him. He can use a > wheelchair and I bought him a wheelchair van years ago but he really is not > healthy enough to use it. > > So, today he won Richard Petty’s Superbird. > > http://www.wintheking.com/rules/ > > His sister and her son went back for the drawing. One of those things > where you pick and key and everyone gets in the car and tries to start it. > > No idea how much this thing is worth but plenty. > > I wonder if my nephew is going to lose his financial support from the > government due to this win? > I am sure he is going to have to pay taxes so I am also sure he will have > to immediately sell it. > > Anyone know how welfare works for folks that are 100% disabled and then > get a windfall? > > I really don’t want to ask him about this. Especially today as I am sure > he is pretty excited. So not gonna be his debbie downer. > But having significant IRS issues myself in years past, I immediately > start worrying about this kind of thing. > > > > > -- Philip J. Rankin Wireless Telecommunications Services PO Box 24 Pittsburg, KS 66762
