Money left to you vs Special need trust funds

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JennifersHope

New member
I am currently on Medicare with special assistance. Should I outlive my mom, I will be left a decent amount of money but I would lose all my special assistance and go through my money willed to me quickly.

Does anyone know anything about special needs trust funds? Do any of you have one?
 
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Jet

Member
You can contact the CF Legal Hotline. Its under the "Living with CF" heading on the Cystic Fibrosis Foundation's Website. They do a lot of work on patients rights and insurance benefits. This stuff is very complicated and can differs significantly by state. They may be able to point you to the experts you need.
 
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okiecfmom2gm1

New member
I would be interested in getting information on this topic also. My father has recently passed away and both my potential beneficiaries have cf and need special assistance in order to meet their medical needs. How do we leave finances to our cf children without them losing their life giving medicaid?
 
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JennifersHope

New member
From what I was told...the money can be designated in a special needs trust fund but google it and you will see the money can not be used for everyday living expenses......only things like furniture, cars,mohair cuts. No food clothing or paying bills with it or of course that becomes part of their income.

We still don't know what we are going to do..and most likely will just turn the money over to my brother. I am also not sure but if it is enough money then i will happily take the money and just keep my Medicare. What is fair is fair. If I can afford it, I want to pay it. But if I lost all my help I would burn through money so fast.
 
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MCGrad2006

Guest
My parents changed over their inheritance recently (they are both still alive), but they wrote in their wills to leave the money to me, but my sister will be in charge, the executor of their account...she would have to give me the money when I ask for it... (and she of course would get control of her own share). But I think it was like you said, if they left it to me, it would have to be used for medical expense or something along those lines.
 
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LouLou

New member
My parents have written their will with a special needs trust fund for my portion. It is not going to be managed by my brother who is the executor of the estate. It is managed by a relative. I believe it is also a conflict of interest for the cfer to be the executor of an estate for some reason. Definitely your parents should have their will written by someone with a background in setting up these sorts of funds and the tax implication.
 
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JennifersHope

New member
Lauren though from everything I read you can. It use the trust fund money for every day living, is that how you understand it? I emailed Beth to ask her as well. I am so confused.
 
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Gnome

New member
We are Canadian and we have set up a Disabilty Fund for our kids. It is much like the RRSP's (which are 401's for US people) and is a tax sheltered fund which the parent's contribute to until needed.
 
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