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Okay, I know I have posted some things many here didn't like, but I have a genuine concern.
Due to several disabilities I am on SSI and apart from what I'll get when my dad passes away from his life insurance (he has talked to me about this) and am very unlikely to ever have a job. So my question is once I reach retirement age having never had a job and subsisting on disability and what my dad leaves me, what do you think is likely to be the outcome? Any kind of resources on such? I know it's a long ways away but curious.
I believe your Dad needs to create a special needs trust right now. Otherwise if you accept the money, you may go over your asset or income limit and get kicked off SSI.
There are now what's called ABLE accounts but offhand, don't know much about them except the money put in the account must be used for specific purposes.
I believe your Dad needs to create a special needs trust right now. Otherwise if you accept the money, you may go over your asset or income limit and get kicked off SSI.
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This. You’ll be over the resource limit for SSI. No SSI for you until you spend down the funds. Plan to spend the money wisely. Buy a car. Prepay rent for a year or so. New TV? Or bed, fridge. Get the idea? Or just spare the taxpayers $$$ for a while while you live on daddy's money.
This. You’ll be over the resource limit for SSI. No SSI for you until you spend down the funds. Plan to spend the money wisely. Buy a car. Prepay rent for a year or so. New TV? Or bed, fridge. Get the idea? Or just spare the taxpayers $$$ for a while while you live on daddy's money.
I don't know if this is a good idea or not. Dad needs to consult an attorney before giving his inheritance.
Not sure how easy it is to get back on SSI. If he's residing in a low income apartment, then it could be a really tangled web to weave.
There is a such thing as IHSS. This guy is smart, he writes very well. When he needs help dressing, someone can come in for a few hours and assist.
I believe your Dad needs to create a special needs trust right now. Otherwise if you accept the money, you may go over your asset or income limit and get kicked off SSI.
There are now what's called ABLE accounts but offhand, don't know much about them except the money put in the account must be used for specific purposes.
Quote:
Originally Posted by Mr5150
This. You’ll be over the resource limit for SSI. No SSI for you until you spend down the funds. Plan to spend the money wisely. Buy a car. Prepay rent for a year or so. New TV? Or bed, fridge. Get the idea? Or just spare the taxpayers $$$ for a while while you live on daddy's money.
I agree that it is very tricky. Your father needs to see an attorney that specializes in special needs trust and/or an elder care attorney. IMHO, a lot may depend on how much you will inherit. If it is $10,000 or $20,000 getting kicked off of disability and then trying to get back on may be very difficult. If you will inherit a million dollars than maybe it will be better for you to go off disability and just live off of that money (but you may not be able to get health insurance).
I have a brother in the EXACT same circumstances. I CANNOT emphasize the importance for a special needs trust!!!!!
Blessedly, Our father had significant funds for a special needs trust to protect the money and take care of my brother. I am the trustee, and he pays his own taxes on the distributions he receives. The trust pays any other taxes that may be required as well as CPA and any legal expenses. I do not take a fee for being trustee.
BTW His SSD turned to regular social security when he hit 65.
Unless they change the affordable health care act, you will be able to be on Medicaid, even with a lot assets, because qualifying for Medicaid is based solely on INCOME, not assets. So a person who owns their own home, and car, and has a large amount of money, but collects little income off of it, can still qualify for Medicaid in states that took the Medicaid expansion. Let's say you have half a million dollars, in an account paying 2% interest. Your income would be 10K/yr. In many states, you would qualify for Medicaid with that. You could live off the interest, and draw down a little from the principal as needed, to live on, and you'd still qualify for Medicaid. If you've already been provided with a modest home with low property taxes/maintenance, and a means of transportation, you'd be okay.
However, I suspect that assets WILL again become part of qualifying for Medicaid, just as they have become again part of qualifying for food stamps. It's absurd for taxpayers to be paying for Medicaid for the wealthy, just because said wealthy are "low-income", with high assets.
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