Re: [QUAD-L] Trusts
The ABLE Act is something to consider. Here's some info: By Justin King For many Americans living with disabilities, it has been a good week: now that the Senate passed the Achieving a Better Life Experience (ABLE) Act this week (following the House's passage in early December) it is now on its way to the President to be signed into law. The ABLE Act creates tax-advantaged savings accounts for use by individuals with disabilities. Critically, savings in ABLE accounts won't disqualify those individuals from receiving public assistance. While the bill is a win for many individuals with disabilities and their families, there are millions of others who are left out and need additional measures to pursue the same goals — financial security and upward economic mobility. Read more: http://www.vox.com/2014/12/19/7418291/able-act Don. From: Jim Lubin To: shirley bell Cc: quad-list@eskimo.com Sent: Tuesday, December 30, 2014 3:53 PM Subject: Re: [QUAD-L] Trusts http://www.medicaid.gov/medicaid-chip-program-information/by-topics/eligibility/eligibility.html https://www.healthcare.gov/do-i-qualify-for-medicaid/ You might want to contact a lawyer about setting up a Special Needs Trust http://en.wikipedia.org/wiki/Special_needs_trust On Mon, Dec 29, 2014 at 2:24 PM, shirley bell wrote: >Hi all, happy almost new year! There was someone on the list who had recently done a trust ( I forgot the person?) can that person tell me what that entailed? Are there any trusts that have less than the 5 YEAR look back policy. thanks, Shirley >
Re: [QUAD-L] Trusts
http://www.medicaid.gov/medicaid-chip-program-information/by-topics/eligibility/eligibility.html https://www.healthcare.gov/do-i-qualify-for-medicaid/ You might want to contact a lawyer about setting up a Special Needs Trust http://en.wikipedia.org/wiki/Special_needs_trust On Mon, Dec 29, 2014 at 2:24 PM, shirley bell wrote: > Hi all, happy almost new year! There was someone on the list who had > recently done a trust ( I forgot the person?) can that person tell me what > that entailed? Are there any trusts that have less than the 5 YEAR look > back policy. thanks, Shirley > >
[QUAD-L] Trusts
Hi all, happy almost new year! There was someone on the list who had recently done a trust ( I forgot the person?) can that person tell me what that entailed? Are there any trusts that have less than the 5 YEAR look back policy. thanks, Shirley
RE: [QUAD-L] Trusts
I forgot to mention that I can use the money that is in the trust for anything I want. That means I could use it to take a cruise, buy a van, in essence anything I want but I do not have to pay anything back to the state -- ever. Dan Dan , At 08:23 PM 11/13/2009, Dan said something that elicited my response: I guess different states have different rules. I live in New Hampshire and when my irrevocable special needs trust was set up it contained money that was invested in mutual funds and also my house. After three years, the state could not touch it and they still can't get to it even though I've been on Medicaid for more than 30 years. The rules in my state are that after three years even though the state has paid for all my medical bills as well as PCA's, after I die they cannot touch it. When I die, the contents of the trust will be divided among my siblings. Again, the state has no legal right to any of the assets in the trust. Dan At 06:51 PM 11/13/2009, Greg said something that elicited my response: I wanted a trust basically to hide money. There is a program here that helps pay for home care or a nursing home, but your cash assets cant be over $2000. I called them and they told me this. If you have money they will set up the Special Needs Trust. They will still help you, but your money must be spent to supplement your care, nothing else. If any is left after you pass, they keep it. But If you have money that you want your family to have, you cant just give it away then join the program. They will look back in your records for 5 years to make sure you are not trying to hide it. So if I put my money in an Irrevocable Trust, I must wait 5 years before I can qualify. Trusts are good for lots of reasons. One is medical bills. If you get really sick and dont have insurance, or even if you do, you might have co-pays, out of pocket, not covered, etc. If they are big bills, they can come after you to pay. I think houses are safe in most states, but if house and money are in a trust, they cant get to it. Basically to hide and protect your assets. I dont see why you would really need one, but it never hurts to ask a lawyer. Greg -- Dave, why is this trust needed ? like you i'm married, but have no money saved at all, have a house but still owe about 12 years on it. If a person don't have a lot of cash, would they need one of these trusts? i'm just wondering if i need one. thanks , Dan H.
Re: [QUAD-L] Trusts
That sounds like mine. House and 401k goes to 3 kids. AZDAVE -Original Message- From: Dan To: quad-list@eskimo.com Sent: Fri, Nov 13, 2009 5:23 pm Subject: RE: [QUAD-L] Trusts I guess different states have different rules. I live in New Hampshire and when my irrevocable special needs trust was set up it contained money that was invested in mutual funds and also my house. After three years, the state could not touch it and they still can't get to it even though I've been on Medicaid for more than 30 years. The rules in my state are that after three years even though the state has paid for all my medical bills as well as PCA's, after I die they cannot touch it. When I die, the contents of the trust will be divided among my siblings. Again, the state has no legal right to any of the assets in the trust. Dan At 06:51 PM 11/13/2009, Greg said something that elicited my response: I wanted a trust basically to hide money. There is a program here that helps pay for home care or a nursing home, but your cash assets can’t be over $2000. I called them and they told me this. If you have money they will set up the Special Needs Trust. They will still help you, but your money must be spent to supplement your care, nothing else. If any is left after you pass, they keep it. But… If you have money that you want your family to have, you can’t just give it away then join the program. They will look back in your records for 5 years to make sure you are not trying to hide it. So if I put my money in an Irrevocable Trust, I must wait 5 years before I can qualify. Trusts are good for lots of reasons. One is medical bills. If you get really sick and don’t have insurance, or even if you do, you might have co-pays, out of pocket, not covered, etc. If they are big bills, they can come after you to pay. I think houses are safe in most states, but if house and money are in a trust, they can’t get to it. Basically to hide and protect your assets. I don’t see why you would really need one, but it never hurts to ask a lawyer. Greg Dave, why is this trust needed ? like you i'm married, but have no money saved at all, have a house but still owe about 12 years on it. If a person don't have a lot of cash, would they need one of these trusts? i'm just wondering if i need one. thanks , Dan H.
RE: [QUAD-L] Trusts
I guess different states have different rules. I live in New Hampshire and when my irrevocable special needs trust was set up it contained money that was invested in mutual funds and also my house. After three years, the state could not touch it and they still can't get to it even though I've been on Medicaid for more than 30 years. The rules in my state are that after three years even though the state has paid for all my medical bills as well as PCA's, after I die they cannot touch it. When I die, the contents of the trust will be divided among my siblings. Again, the state has no legal right to any of the assets in the trust. Dan At 06:51 PM 11/13/2009, Greg said something that elicited my response: I wanted a trust basically to hide money. There is a program here that helps pay for home care or a nursing home, but your cash assets cant be over $2000. I called them and they told me this. If you have money they will set up the Special Needs Trust. They will still help you, but your money must be spent to supplement your care, nothing else. If any is left after you pass, they keep it. But If you have money that you want your family to have, you cant just give it away then join the program. They will look back in your records for 5 years to make sure you are not trying to hide it. So if I put my money in an Irrevocable Trust, I must wait 5 years before I can qualify. Trusts are good for lots of reasons. One is medical bills. If you get really sick and dont have insurance, or even if you do, you might have co-pays, out of pocket, not covered, etc. If they are big bills, they can come after you to pay. I think houses are safe in most states, but if house and money are in a trust, they cant get to it. Basically to hide and protect your assets. I dont see why you would really need one, but it never hurts to ask a lawyer. Greg -- Dave, why is this trust needed ? like you i'm married, but have no money saved at all, have a house but still owe about 12 years on it. If a person don't have a lot of cash, would they need one of these trusts? i'm just wondering if i need one. thanks , Dan H.
RE: [QUAD-L] Trusts
I wanted a trust basically to hide money. There is a program here that helps pay for home care or a nursing home, but your cash assets can't be over $2000. I called them and they told me this. If you have money they will set up the Special Needs Trust. They will still help you, but your money must be spent to supplement your care, nothing else. If any is left after you pass, they keep it. But. If you have money that you want your family to have, you can't just give it away then join the program. They will look back in your records for 5 years to make sure you are not trying to hide it. So if I put my money in an Irrevocable Trust, I must wait 5 years before I can qualify. Trusts are good for lots of reasons. One is medical bills. If you get really sick and don't have insurance, or even if you do, you might have co-pays, out of pocket, not covered, etc. If they are big bills, they can come after you to pay. I think houses are safe in most states, but if house and money are in a trust, they can't get to it. Basically to hide and protect your assets. I don't see why you would really need one, but it never hurts to ask a lawyer. Greg _ Dave, why is this trust needed ? like you i'm married, but have no money saved at all, have a house but still owe about 12 years on it. If a person don't have a lot of cash, would they need one of these trusts? i'm just wondering if i need one. thanks , Dan H.
Re: [QUAD-L] Trusts
Dave, why is this trust needed ? like you i'm married, but have no money saved at all, have a house but still owe about 12 years on it. If a person don't have a lot of cash, would they need one of these trusts? i'm just wondering if i need one. thanks , Dan H. From: "hellodav...@aol.com" To: quad-list@eskimo.com Sent: Tue, November 10, 2009 4:13:57 PM Subject: Re: [QUAD-L] Trusts Mine cost me just under a grand. Done in Scottsdale az. azdave -Original Message- From: RONALD L PRACHT To: quad-list@eskimo.com Sent: Mon, Nov 9, 2009 5:38 pm Subject: Re: [QUAD-L] Trusts Very true, irrevocable special needs trust is the way to gowill cost around 2000 to set one up thoughwell worth it ron c7 --- On Mon, 11/9/09, Dan wrote: >From: Dan >Subject: Re: [QUAD-L] Trusts >To: "LJT" , quad-list@eskimo.com >Date: Monday, November 9, 2009, 7:24 PM > > >With an irrevocable trust the money will not go to the state unless you want >it to. An irrevocable trust is like having a rich uncle. This type of trust >has its' own ID number and someone is appointed as a trustee. Whatever is in >the trust is invisible to the state. The reason being, you do not have control >or direct access to the contents of the irrevocable trust. The person you >appoint as your trustee is the one that has control over whatever is in the >trust. So when you die, the trustee will disperse the contents of the trust as >per your request. Some people have a relative or a friend or some type of >professional such as your family lawyer. So, if you told the trustee, which >would be written into the irrevocable trust, to give whatever is in the trust >to your child, or charity, or whatever, then that is what would happen. > >There is a big difference between a regular trust and a special needs >irrevocable trust. A regular trust is nothing but afancy will. And a will or >regular trust is not protected from the state. It has to be an irrevocable >trust. So, if you have an irrevocable trust and you have named a trustee to >oversee the irrevocable trust, then the assets will be distributed upon your >death however you wish. > >Just a note of caution, many lawyers will tell you that they know how to do an >irrevocable special needs trusts but often times they don't. So if I were you, >I would have an elderlaw attorney with experience in special needs trusts take >a look at your trust. Most lawyers will give you a free hour of their time for >such matters. > >Dan > >At 07:54 PM 11/9/2009, LJT said something that elicited my response: > > >Dan, >>That's what I have. It's an irrevocable trust that was set up by an attorney >>that's been in the business for 25 plus years (old family friend). I still >>don't understand how that can keep any of this from going back to the state >>once I start pushing up daisies instead of being able to leave some to my kid >>or grandkids should they eventually arrive. I was always under the >>impression that no matter what the remainder has to go back to the state. >> >>Lucinda >>C-4,5 complete >>July 31, '05 >>Mpls., MN >> >> >> >>--- On Mon, 11/9/09, Dan wrote: >> >> >> >>From: Dan >> >>Subject: Re: [QUAD-L] Trusts >> >>To: "LJT" , quad-list@eskimo.com >> >>Date: Monday, November 9, 2009, 6:22 PM >> >> >>yes, it's called an irrevocable trust! >> >> >>Dan >> >> >> >>At 06:51 PM 11/9/2009, LJT said something that elicited my response: >> >> >> >>Greg, >>> >>>I have a trust, and it's set up the same way. Anything left in the trust >>>goes back to the state upon my demise. I can't even leave anything to my >>>son. And there is no way around this situation as far as I have been able >>>to tell. >>> >>>The $2000 in the bank account though, in my state, doesn't have anything to >>>do with having a trust. As far as I know it has to do with the fact that I >>>am a ward of the state, and they do not allow assets to amount to any higher >>>than two grand. Hope this helps. >>> >>>If there's anybody out there that knows a way around this trust situation, >>>please do tell. >>> >>> >>> >>>Lucinda >>> >>>C-4,5 complete >>> >>>July 31, '05 >>> >>>Mpls., MN >>> >>> >>> >>> >>> >>>--- On Mon, 11/9/09, Greg wrote: >>&
Re: [QUAD-L] Trusts
Mine cost me just under a grand. Done in Scottsdale az. azdave -Original Message- From: RONALD L PRACHT To: quad-list@eskimo.com Sent: Mon, Nov 9, 2009 5:38 pm Subject: Re: [QUAD-L] Trusts Very true, irrevocable special needs trust is the way to gowill cost around 2000 to set one up thoughwell worth it ron c7 --- On Mon, 11/9/09, Dan wrote: From: Dan Subject: Re: [QUAD-L] Trusts To: "LJT" , quad-list@eskimo.com Date: Monday, November 9, 2009, 7:24 PM With an irrevocable trust the money will not go to the state unless you want it to. An irrevocable trust is like having a rich uncle. This type of trust has its' own ID number and someone is appointed as a trustee. Whatever is in the trust is invisible to the state. The reason being, you do not have control or direct access to the contents of the irrevocable trust. The person you appoint as your trustee is the one that has control over whatever is in the trust. So when you die, the trustee will disperse the contents of the trust as per your request. Some people have a relative or a friend or some type of professional such as your family lawyer. So, if you told the trustee, which would be written into the irrevocable trust, to give whatever is in the trust to your child, or charity, or whatever, then that is what would happen. There is a big difference between a regular trust and a special needs irrevocable trust. A regular trust is nothing but a fancy will. And a will or regular trust is not protected from the state. It has to be an irrevocable trust. So, if you have an irrevocable trust and you have named a trustee to oversee the irrevocable trust, then the assets will be distributed upon your death however you wish. Just a note of caution, many lawyers will tell you that they know how to do an irrevocable special needs trusts but often times they don't. So if I were you, I would have an elderlaw attorney with experience in special needs trusts take a look at your trust. Most lawyers will give you a free hour of their time for such matters. Dan At 07:54 PM 11/9/2009, LJT said something that elicited my response: Dan, That's what I have. It's an irrevocable trust that was set up by an attorney that's been in the business for 25 plus years (old family friend). I still don't understand how that can keep any of this from going back to the state once I start pushing up daisies instead of being able to leave some to my kid or grandkids should they eventually arrive. I was always under the impression that no matter what the remainder has to go back to the state. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Dan wrote: From: Dan Subject: Re: [QUAD-L] Trusts To: "LJT" , quad-list@eskimo.com Date: Monday, November 9, 2009, 6:22 PM yes, it's called an irrevocable trust! Dan At 06:51 PM 11/9/2009, LJT said something that elicited my response: Greg, I have a trust, and it's set up the same way. Anything left in the trust goes back to the state upon my demise. I can't even leave anything to my son. And there is no way around this situation as far as I have been able to tell. The $2000 in the bank account though, in my state, doesn't have anything to do with having a trust. As far as I know it has to do with the fact that I am a ward of the state, and they do not allow assets to amount to any higher than two grand. Hope this helps. If there's anybody out there that knows a way around this trust situation, please do tell. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Greg wrote: From: Greg Subject: [QUAD-L] Trusts To: quad-list@eskimo.com Date: Monday, November 9, 2009, 2:11 PM There is a state program for Long Term Care in AZ, but you assets can only be $2,000. It can help pay for attendabts. I thought of putting everything in a Trust and applying. Except it says a Trust is ok, but you need to set it up so the state gets everything in the Trust when you die. No Way . I remember hearing you could put everything in a Trust, but then wait 5 years before you cold say you had no cash. I had a Trust years ago, but after I got Medicare/insurance no one thought I really needed it anymore. It was costing me more than saving me with extras like extra tax returns, etc. But now I think I should have kept it. I̢۪m calling an attorney today to to ask about My insurance gives me like 2 appointments with an attorney to do wills, trusts, etc. I did a will and DNR last year. Has anyone done this kind of Trust to get on a state program? Greg
Re: [QUAD-L] Trusts
This site answers quite a few questions... http://www.nsnn.com/frequently.htm
...it appears both arguments are right...or wrong (depending on the
situation).
I think assets that belong to the Special Needs person (such as a legal
settlement in an auto accident) that are put into the trust have to go to the
state...up to the amount the state paid to take care of the Special Needs
person upon the person's death.
However, sometimes the Special Needs person's parents might set-up a trust so
he or she will be taken care of when they die. In that case the money will be
dispersed as the parents stipulated (when they set-up the trust) and it does
not have to be used to re-pay the State.
If the Special Needs person has money that is not in a trust the State expects
the person to spend their own money before spending the State's money. I think
the trust is sort of a compromise. It gives the person a source of money to use
for their Special Needs that Medicare (or other programs) will not pay for.
While at the same time sheltering the money from being spent on boats, beer,
etc...
Just like everybody else...I am not a lawyer and if I was you I would follow
the Websites advice and get a lawyer who specializes in this kind of trust.
Darrell
- Original Message -
From: RONALD L PRACHT
To: quad-list@eskimo.com
Sent: Monday, November 09, 2009 8:38 PM
Subject: Re: [QUAD-L] Trusts
Very true,
irrevocable special needs trust is the way to gowill cost
around 2000 to set one up thoughwell worth it
ron c7
--- On Mon, 11/9/09, Dan wrote:
From: Dan
Subject: Re: [QUAD-L] Trusts
To: "LJT" , quad-list@eskimo.com
Date: Monday, November 9, 2009, 7:24 PM
With an irrevocable trust the money will not go to the state unless
you want it to. An irrevocable trust is like having a rich uncle. This type of
trust has its' own ID number and someone is appointed as a trustee. Whatever is
in the trust is invisible to the state. The reason being, you do not have
control or direct access to the contents of the irrevocable trust. The person
you appoint as your trustee is the one that has control over whatever is in the
trust. So when you die, the trustee will disperse the contents of the trust as
per your request. Some people have a relative or a friend or some type of
professional such as your family lawyer. So, if you told the trustee, which
would be written into the irrevocable trust, to give whatever is in the trust
to your child, or charity, or whatever, then that is what would happen.
There is a big difference between a regular trust and a special needs
irrevocable trust. A regular trust is nothing but a fancy will. And a will or
regular trust is not protected from the state. It has to be an irrevocable
trust. So, if you have an irrevocable trust and you have named a trustee to
oversee the irrevocable trust, then the assets will be distributed upon your
death however you wish.
Just a note of caution, many lawyers will tell you that they know how
to do an irrevocable special needs trusts but often times they don't. So if I
were you, I would have an elderlaw attorney with experience in special needs
trusts take a look at your trust. Most lawyers will give you a free hour of
their time for such matters.
Dan
At 07:54 PM 11/9/2009, LJT said something that elicited my response:
Dan,
That's what I have. It's an irrevocable trust that was set up by
an attorney that's been in the business for 25 plus years (old family friend).
I still don't understand how that can keep any of this from going back to the
state once I start pushing up daisies instead of being able to leave some to my
kid or grandkids should they eventually arrive. I was always under the
impression that no matter what the remainder has to go back to the state.
Lucinda
C-4,5 complete
July 31, '05
Mpls., MN
--- On Mon, 11/9/09, Dan wrote:
From: Dan
Subject: Re: [QUAD-L] Trusts
To: "LJT" , quad-list@eskimo.com
Date: Monday, November 9, 2009, 6:22 PM
yes, it's called an irrevocable trust!
Dan
At 06:51 PM 11/9/2009, LJT said something that elicited my
response:
Greg,
I have a trust, and it's set up the same way. Anything left in
the trust goes back to the state upon my demise. I can't even leave anything to
my son. And there is no way around this situation as far as I have been able
to tell.
The $2000 in the bank account though, in my state, doesn't have
anything to do with having a trust. As far as I know
Re: [QUAD-L] Trusts
Very true, irrevocable special needs trust is the way to gowill cost around 2000 to set one up thoughwell worth it ron c7 --- On Mon, 11/9/09, Dan wrote: From: Dan Subject: Re: [QUAD-L] Trusts To: "LJT" , quad-list@eskimo.com Date: Monday, November 9, 2009, 7:24 PM With an irrevocable trust the money will not go to the state unless you want it to. An irrevocable trust is like having a rich uncle. This type of trust has its' own ID number and someone is appointed as a trustee. Whatever is in the trust is invisible to the state. The reason being, you do not have control or direct access to the contents of the irrevocable trust. The person you appoint as your trustee is the one that has control over whatever is in the trust. So when you die, the trustee will disperse the contents of the trust as per your request. Some people have a relative or a friend or some type of professional such as your family lawyer. So, if you told the trustee, which would be written into the irrevocable trust, to give whatever is in the trust to your child, or charity, or whatever, then that is what would happen. There is a big difference between a regular trust and a special needs irrevocable trust. A regular trust is nothing but a fancy will. And a will or regular trust is not protected from the state. It has to be an irrevocable trust. So, if you have an irrevocable trust and you have named a trustee to oversee the irrevocable trust, then the assets will be distributed upon your death however you wish. Just a note of caution, many lawyers will tell you that they know how to do an irrevocable special needs trusts but often times they don't. So if I were you, I would have an elderlaw attorney with experience in special needs trusts take a look at your trust. Most lawyers will give you a free hour of their time for such matters. Dan At 07:54 PM 11/9/2009, LJT said something that elicited my response: Dan, That's what I have. It's an irrevocable trust that was set up by an attorney that's been in the business for 25 plus years (old family friend). I still don't understand how that can keep any of this from going back to the state once I start pushing up daisies instead of being able to leave some to my kid or grandkids should they eventually arrive. I was always under the impression that no matter what the remainder has to go back to the state. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Dan wrote: From: Dan Subject: Re: [QUAD-L] Trusts To: "LJT" , quad-list@eskimo.com Date: Monday, November 9, 2009, 6:22 PM yes, it's called an irrevocable trust! Dan At 06:51 PM 11/9/2009, LJT said something that elicited my response: Greg, I have a trust, and it's set up the same way. Anything left in the trust goes back to the state upon my demise. I can't even leave anything to my son. And there is no way around this situation as far as I have been able to tell. The $2000 in the bank account though, in my state, doesn't have anything to do with having a trust. As far as I know it has to do with the fact that I am a ward of the state, and they do not allow assets to amount to any higher than two grand. Hope this helps. If there's anybody out there that knows a way around this trust situation, please do tell. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Greg wrote: From: Greg Subject: [QUAD-L] Trusts To: quad-list@eskimo.com Date: Monday, November 9, 2009, 2:11 PM There is a state program for Long Term Care in AZ, but you assets can only be $2,000. It can help pay for attendabts. I thought of putting everything in a Trust and applying. Except it says a Trust is ok, but you need to set it up so the state gets everything in the Trust when you die. No Way . I remember hearing you could put everything in a Trust, but then wait 5 years before you cold say you had no cash. I had a Trust years ago, but after I got Medicare/insurance no one thought I really needed it anymore. It was costing me more than saving me with extras like extra tax returns, etc. But now I think I should have kept it. I̢۪m calling an attorney today to to ask about My insurance gives me like 2 appointments with an attorney to do wills, trusts, etc. I did a will and DNR last year. Has anyone done this kind of Trust to get on a state program? Greg
Re: [QUAD-L] Trusts
With an irrevocable trust the money will not go to the state unless you want it to. An irrevocable trust is like having a rich uncle. This type of trust has its' own ID number and someone is appointed as a trustee. Whatever is in the trust is invisible to the state. The reason being, you do not have control or direct access to the contents of the irrevocable trust. The person you appoint as your trustee is the one that has control over whatever is in the trust. So when you die, the trustee will disperse the contents of the trust as per your request. Some people have a relative or a friend or some type of professional such as your family lawyer. So, if you told the trustee, which would be written into the irrevocable trust, to give whatever is in the trust to your child, or charity, or whatever, then that is what would happen. There is a big difference between a regular trust and a special needs irrevocable trust. A regular trust is nothing but a fancy will. And a will or regular trust is not protected from the state. It has to be an irrevocable trust. So, if you have an irrevocable trust and you have named a trustee to oversee the irrevocable trust, then the assets will be distributed upon your death however you wish. Just a note of caution, many lawyers will tell you that they know how to do an irrevocable special needs trusts but often times they don't. So if I were you, I would have an elderlaw attorney with experience in special needs trusts take a look at your trust. Most lawyers will give you a free hour of their time for such matters. Dan At 07:54 PM 11/9/2009, LJT said something that elicited my response: Dan, That's what I have. It's an irrevocable trust that was set up by an attorney that's been in the business for 25 plus years (old family friend). I still don't understand how that can keep any of this from going back to the state once I start pushing up daisies instead of being able to leave some to my kid or grandkids should they eventually arrive. I was always under the impression that no matter what the remainder has to go back to the state. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Dan wrote: From: Dan Subject: Re: [QUAD-L] Trusts To: "LJT" , quad-list@eskimo.com Date: Monday, November 9, 2009, 6:22 PM yes, it's called an irrevocable trust! Dan At 06:51 PM 11/9/2009, LJT said something that elicited my response: Greg, I have a trust, and it's set up the same way. Anything left in the trust goes back to the state upon my demise. I can't even leave anything to my son. And there is no way around this situation as far as I have been able to tell. The $2000 in the bank account though, in my state, doesn't have anything to do with having a trust. As far as I know it has to do with the fact that I am a ward of the state, and they do not allow assets to amount to any higher than two grand. Hope this helps. If there's anybody out there that knows a way around this trust situation, please do tell. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Greg wrote: From: Greg Subject: [QUAD-L] Trusts To: quad-list@eskimo.com Date: Monday, November 9, 2009, 2:11 PM There is a state program for Long Term Care in AZ, but you assets can only be $2,000. It can help pay for attendabts. I thought of putting everything in a Trust and applying. Except it says a Trust is ok, but you need to set it up so the state gets everything in the Trust when you die. No Way . I remember hearing you could put everything in a Trust, but then wait 5 years before you cold say you had no cash. I had a Trust years ago, but after I got Medicare/insurance no one thought I really needed it anymore. It was costing me more than saving me with extras like extra tax returns, etc. But now I think I should have kept it. Iâm calling an attorney today to to ask about My insurance gives me like 2 appointments with an attorney to do wills, trusts, etc. I did a will and DNR last year. Has anyone done this kind of Trust to get on a state program? Greg
Re: [QUAD-L] Trusts
Dan, That's what I have. It's an irrevocable trust that was set up by an attorney that's been in the business for 25 plus years (old family friend). I still don't understand how that can keep any of this from going back to the state once I start pushing up daisies instead of being able to leave some to my kid or grandkids should they eventually arrive. I was always under the impression that no matter what the remainder has to go back to the state. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Dan wrote: From: Dan Subject: Re: [QUAD-L] Trusts To: "LJT" , quad-list@eskimo.com Date: Monday, November 9, 2009, 6:22 PM yes, it's called an irrevocable trust! Dan At 06:51 PM 11/9/2009, LJT said something that elicited my response: Greg, I have a trust, and it's set up the same way. Anything left in the trust goes back to the state upon my demise. I can't even leave anything to my son. And there is no way around this situation as far as I have been able to tell. The $2000 in the bank account though, in my state, doesn't have anything to do with having a trust. As far as I know it has to do with the fact that I am a ward of the state, and they do not allow assets to amount to any higher than two grand. Hope this helps. If there's anybody out there that knows a way around this trust situation, please do tell. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Greg wrote: From: Greg Subject: [QUAD-L] Trusts To: quad-list@eskimo.com Date: Monday, November 9, 2009, 2:11 PM There is a state program for Long Term Care in AZ, but you assets can only be $2,000. It can help pay for attendabts. I thought of putting everything in a Trust and applying. Except it says a Trust is ok, but you need to set it up so the state gets everything in the Trust when you die. No Way . I remember hearing you could put everything in a Trust, but then wait 5 years before you cold say you had no cash. I had a Trust years ago, but after I got Medicare/insurance no one thought I really needed it anymore. It was costing me more than saving me with extras like extra tax returns, etc. But now I think I should have kept it. I’m calling an attorney today to ask about My insurance gives me like 2 appointments with an attorney to do wills, trusts, etc. I did a will and DNR last year. Has anyone done this kind of Trust to get on a state program? Greg
Re: [QUAD-L] Trusts
this is what i have. i like that i have a set of rules that my money can go towards that needs to be approved by my Trustee. upon my death the $ gets distributed among my kids. Eric W Rudd c5sc...@gmail.com - Original Message - From: Dan To: LJT ; quad-list@eskimo.com Sent: Monday, November 09, 2009 6:22 PM Subject: Re: [QUAD-L] Trusts yes, it's called an irrevocable trust! Dan
Re: [QUAD-L] Trusts
yes, it's called an irrevocable trust! Dan At 06:51 PM 11/9/2009, LJT said something that elicited my response: Greg, I have a trust, and it's set up the same way. Anything left in the trust goes back to the state upon my demise. I can't even leave anything to my son. And there is no way around this situation as far as I have been able to tell. The $2000 in the bank account though, in my state, doesn't have anything to do with having a trust. As far as I know it has to do with the fact that I am a ward of the state, and they do not allow assets to amount to any higher than two grand. Hope this helps. If there's anybody out there that knows a way around this trust situation, please do tell. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Greg wrote: From: Greg Subject: [QUAD-L] Trusts To: quad-list@eskimo.com Date: Monday, November 9, 2009, 2:11 PM There is a state program for Long Term Care in AZ, but you assets can only be $2,000. It can help pay for attendabts. I thought of putting everything in a Trust and applying. Except it says a Trust is ok, but you need to set it up so the state gets everything in the Trust when you die. No Way . I remember hearing you could put everything in a Trust, but then wait 5 years before you cold say you had no cash. I had a Trust years ago, but after I got Medicare/insurance no one thought I really needed it anymore. It was costing me more than saving me with extras like extra tax returns, etc. But now I think I should have kept it. Iâm calling an attorney today to ask about My insurance gives me like 2 appointments with an attorney to do wills, trusts, etc. I did a will and DNR last year. Has anyone done this kind of Trust to get on a state program? Greg
Re: [QUAD-L] Trusts
Greg, I have a trust, and it's set up the same way. Anything left in the trust goes back to the state upon my demise. I can't even leave anything to my son. And there is no way around this situation as far as I have been able to tell. The $2000 in the bank account though, in my state, doesn't have anything to do with having a trust. As far as I know it has to do with the fact that I am a ward of the state, and they do not allow assets to amount to any higher than two grand. Hope this helps. If there's anybody out there that knows a way around this trust situation, please do tell. Lucinda C-4,5 complete July 31, '05 Mpls., MN --- On Mon, 11/9/09, Greg wrote: From: Greg Subject: [QUAD-L] Trusts To: quad-list@eskimo.com Date: Monday, November 9, 2009, 2:11 PM There is a state program for Long Term Care in AZ, but you assets can only be $2,000. It can help pay for attendabts. I thought of putting everything in a Trust and applying. Except it says a Trust is ok, but you need to set it up so the state gets everything in the Trust when you die. No Way . I remember hearing you could put everything in a Trust, but then wait 5 years before you cold say you had no cash. I had a Trust years ago, but after I got Medicare/insurance no one thought I really needed it anymore. It was costing me more than saving me with extras like extra tax returns, etc. But now I think I should have kept it. I’m calling an attorney today to ask about My insurance gives me like 2 appointments with an attorney to do wills, trusts, etc. I did a will and DNR last year. Has anyone done this kind of Trust to get on a state program? Greg
Re: [QUAD-L] Trusts
Yes, I have done this. It is called an 'Irrevocable Special Needs Trust'. In order for it to be done right, you have to go to an elder law attorney. And make sure they have done this type of trust before. Depending on which state you live in, you do have to wait 3 to 5 years before whatever is in the trust is protected. In my opinion, every quad should have one of these. However, they are pricey. But if you have anything of value it is the only way to go. Dan At 03:11 PM 11/9/2009, Greg said something that elicited my response: There is a state program for Long Term Care in AZ, but you assets can only be $2,000. It can help pay for attendabts. I thought of putting everything in a Trust and applying. Except it says a Trust is ok, but you need to set it up so the state gets everything in the Trust when you die. No Way. I remember hearing you could put everything in a Trust, but then wait 5 years before you cold say you had no cash. I had a Trust years ago, but after I got Medicare/insurance no one thought I really needed it anymore. It was costing me more than saving me with extras like extra tax returns, etc. But now I think I should have kept it. I'm calling an attorney today to ask about My insurance gives me like 2 appointments with an attorney to do wills, trusts, etc. I did a will and DNR last year. Has anyone done this kind of Trust to get on a state program? Greg
[QUAD-L] Trusts
There is a state program for Long Term Care in AZ, but you assets can only be $2,000. It can help pay for attendabts. I thought of putting everything in a Trust and applying. Except it says a Trust is ok, but you need to set it up so the state gets everything in the Trust when you die. No Way. I remember hearing you could put everything in a Trust, but then wait 5 years before you cold say you had no cash. I had a Trust years ago, but after I got Medicare/insurance no one thought I really needed it anymore. It was costing me more than saving me with extras like extra tax returns, etc. But now I think I should have kept it. I'm calling an attorney today to ask about My insurance gives me like 2 appointments with an attorney to do wills, trusts, etc. I did a will and DNR last year. Has anyone done this kind of Trust to get on a state program? Greg
