- November 25, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder: A Solution in Difficult Times
The Loss of a Loved One
This morning, my world was shattered when I received the devastating news of my father’s passing. The pain of losing him is almost unbearable, and the weight of the situation seems overwhelming. My sister reached out to me to inform me that our father had left me half of his retirement, and in the same breath, expressed her concern about my Supplemental Security Income (SSI). She wants to ensure that I don’t lose my benefits, and she’s taking on the responsibility of meeting with a lawyer to handle all the financial matters.
The Complexities of the Situation
In light of my sister’s efforts to protect me, I expressed my desire for her to establish a special needs trust for me with the inheritance left by our father. I assured her that I am comfortable with her managing the trust on my behalf, recognizing my limited understanding of the legalities involved. My confusion deepens as I grapple with the realization that my sister resides in Oklahoma while I am in Illinois. I am left wondering if it is feasible to create a special needs trust across state lines, or if it would be simpler for me to decline the inheritance and entrust my sister with the management of the funds. While I have faith that the lawyer will handle the complexities, my fear of the unknown looms large, as I cannot afford to lose my home or medical coverage.
The Role of AI Legalese Decoder
In this daunting and uncertain time, AI Legalese Decoder can provide invaluable assistance by decoding the legal jargon and explaining the intricacies of setting up a special needs trust. Through its comprehensive analysis and explanation of legal terms and processes, AI Legalese Decoder can offer me clarity and ease my concerns about the legal implications of accepting the inheritance. With its guidance, I can make informed decisions regarding the management of the funds and ensure that my wellbeing and financial security are safeguarded. AI Legalese Decoder serves as a beacon of hope in navigating the legal complexities, granting me peace of mind during this tumultuous period.
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Original:
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Rewritten:
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****** just grabbed a
Ask your sister to investigate an [Able Account](https://www.ablenow.com/) for you to see if it qualifies.
You do need to have either a special needs trust or an Able account.
No, you need a Special Needs Trust. She can be the Trustee or you can choose someone else.
You are very wise to recognize the need to protect the money.
Don’t be surprised if she puts her share in as well especially if you cannot live on your own or need medical care.
Your sister is willing to take on a huge responsibility. I know because we put our brother-in-law’s inheritance into a Trust and we are the Trustee.
And if you disclaim the inheritance, you can still lose SSI for a period of time – even though you never got the money – because SSA considers it giving away $
If you were injured before the age of 26 you could be eligible for an ABLE account through [ssa.gov](https://ssa.gov). It is almost the same as a special needs trust from the research i have done. One of the differences was that to open a special needs trust it was estimated to cost $5000. The ABLE account costed nothing and in my state there arent any investment requirements. Also whether you open a ABLE account or Special Needs Trust, there are rules about what you spend the money on. If you are on SSI for instance, you could possibly have your benefit reduced if you used the money to pay for rent or utilities, or erroneous food costs. But if you spend 6k on a vacation thats ok. Also if you have Medicaid, you could also face similar penalties. The rules to stay on SSI and Medicaid can be very oppressing in my opinion. For the desperately disabled people who make the leap to work instead of live on welfare, they could face serious consequences if they stopped working and needed ssa and medicaid to survive otherwise. I dont know how soon they would be able to get back on assistance before facing homelessness or being institutionalized. Because HUD is a very undependable option. If your sister theoretically held it for you, the requirement to say how it was spent would be up to you. You can receive certain types of gifts and assets that arent countable as income. One Car, Furniture, travel tickets, . Anything that can be converted into cash or used as In Kind Support could count against you. Even if the cash is on a card in someone else’s name, technically that could qualify as In Kind Support. I will say that there are rules that distinguish what income is, and assets, and resources. So that money as a retirement could have specific terms that determine whether its a countable resource. I would assume though because it is SSI, any type of money you receive has to be reported and used to offset your benefit. SSI is not free money, its support for people who dont have the money to pay for basic living expenses. You can still have up to $2000 in assets, so if its less than that you should only have to worry about one month of ineligibility.
Just so you know with a Special needs trust…. if something were ever to happen to you. The government takes the money for medicaid… you can not leave it to.anyone. in a will……
Wouldn’t it be better to have the inheritance than SSI?
Maybe someday, you go back to SSI.
Very sorry for your loss.
I’m so sorry for your loss my deepest condolences ƒÖŃÖÅ
For a special needs trust it needs to be alot of money. As was said there is a fee of $5,000 just to open one. There might even be a protocol where the court is notified. With a special needs trust it has to be spent on the disability, and you can’t get the funds through any other source. The Able account passes the means test. You can have in there up to $100,000. That might be a better solution.
If you’re also on Medicaid make sure the attorney knows. There are different types of special needs trusts. I’m in the middle of the process with my partner, so I don’t have much info. I have been told that special needs trusts are not for necessities, so make sure you understand what the funds can be spent on.
Disregard anyone who’s questioning your right to stay on public benefits and get your inheritance.
Sorry for your loss.
I am pretty sure if he left you the retirment money as a beneficiary, it’s too late to put it in a special needs trust to avoid a hit on your SSI. To avoid that it would have had to be given to a special needs trust IN the paperwork for the retireent. It became yours, and you can’t put it in a special needs trust to protect it from SSI. If you decline it, it will almost certainly count against you.
I got $37,000- a Special Needs Trust worked for me. I never had cash-attorney said that would be trouble.
But SSA still bitched!!