Thanks
From: Philip Rankin
Sent: Sunday, November 19, 2017 12:58 AM
To: af@afmug.com
Subject: Re: [AFMUG] OT Quandry
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 <ch...@wbmfg.com> 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: af@afmug.com
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, <ch...@wbmfg.com> 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: af@afmug.com
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" <ch...@wbmfg.com> 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
