- November 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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Seeking Financial and Legal Advice Following Inheritance
First and foremost, I want to express that I might not be posting this in the most appropriate subreddit, but I am in need of advice and am uncertain where to turn. I am 39 years old and have faced challenges due to both physical and mental health reasons, leading to a lifetime of financial struggle. Raised by a mother on welfare, I have never earned more than $20k per year. Financial literacy has always been out of my reach due to a lack of resources. I currently live with my disabled partner, who is employed and not on benefits, and I share custody of my nine-year-old child with their other biological parent. As a resident of Minnesota, USA, I rely on Social Security Disability, SSI, Medicare, and additional county benefits including EBT and a CADI waiver for essential services.
Recently, I was informed of my grandmother’s passing. Surprisingly, I learned that I am a beneficiary in her will, potentially entitling me to a substantial sum through life insurance and investments – an estimated $50k or more. This newfound wealth is unfamiliar territory for me, and I am unsure how to proceed. Although it may not be enough for a lifetime of financial security, I am concerned about jeopardizing my current benefits, notably medical coverage, by holding such a substantial amount of money in my bank account.
Do I need to seek the assistance of a financial advisor or legal counsel to navigate this situation? If so, what is the best course of action? Can I transfer a portion or all of my inheritance to my partner or child, perhaps for a college fund, without causing financial complications? Furthermore, would establishing a Special Needs Trust be advantageous in this scenario? I am overwhelmed and receiving conflicting advice from family and online sources. Any guidance and support provided would be immensely valuable to me.
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You should put it into an ABLE account. Funds in that up to $100,000 don’t count toward wealth limits on SSI, etc. They can be used for a wide variety of living expenses. Also, check-in with each agency that handles your SSDI, SSI, and Medicare to confirm this is the case. Take a look at the SSA website for details.
I would contact an attorney that does special needs trusts. Did you have an attorney help you get SSI? If so I would call that person and ask for a breakdown of the rules, the timeline you have to follow to avoid losing benefits, and recommend a lawyer who knows how to do a good special needs trust. They can also tell you whether an ABLE account could be part of the solution. I havenÔÇÖt researched ABLE accounts in a few years but I think there used to be an age limit that could keep you from being able to set up the account based on the age when your disability began.
You need a lawyer, not a CPA. Find a lawyer that specializes in disability trusts. The money should go into that.
DO NOT ACCEPT THE FUNDS until you talk to a lawyer, lest you risk immediately losing benefits. Your grandmother really ought to have figured this out ahead of time, you’re in a perversely risky spot right now.
Source: Have disabled child, wasted months talking to financial advisors, CPAs, and having ppl on reddit give me poor advice. Finally reached out to the lawyer I’d used for fighting my kids school systems, he had someone on staff that specialized in that sort of trust, cost a few grand but it’ll protect his disability benefits once he’s grown.
I’d contact a CPA. You may get lucky and actually talk to one on the phone without paying anything (I can call mine anytime). You’ll never get that from an attorney.
The CPA may or may not help, but that’s where I’d start. I don’t think a one-time inheritance will affect any of your benefits, because it’s not income. But I am not an authority on that, so definitely make that first phone call.
First of all, condolences about your grandmother.
I apologize I donÔÇÖt know enough about disability rules to safely answer your main question. I just wanted to address one thing. You said you ÔÇ£never had enough money to learn how to handle itÔÇØ. I would argue the less you have, the more important sound financial knowledge and planning is. So, whatever answers you get here about this inheritance coming, please continue your journey learning about finances. A budget is even more critical on a fixed low income like yours than it is on a 100k+ a year salary. I wish you the best of luck.
You need a Special Needs Trust https://www.360legalforms.com/document/special-needs-trust