I am a beneficiary for a large lump some over 100,000. My father left me this fund in an IRA account. What can I do in order not to lose my insurance and benefits.
Elder Law Attorney
There are several options that an elder law attorney could explain given more facts. For example, if you are under age 65 a special needs trust might be appropriate. The laws governing SSI and Medicaid/MediCal are very complex and any solution to your problem will require expert, professional assistance. In other words, this is no place to attempt to do it on your own. Use the AVVO Find a Lawyer search tool to locate an elder law attorney in your area or go to the website of the National Academy of Elder Law Attorneys at www.naela.org.
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Corporate / Incorporation Lawyer
I agree with my colleague. Your best bet is to set up a special needs (or supplemental needs) trust, which if drafted correctly can protect your SSI benefits. A first party special needs trust is established with your own assets and can provide that a person with a disability can transfer his or her own assets into a trust without being disqualified by the public benefit program for which the disabled person is presently eligible. You should definitely contact an attorney to obtain more information and to draft the special needs trust for you.
Legal disclaimer: This reply is provided for information purposes only and does not represent legal advice or an attorney-client relationship.
Elder Law Attorney
You will need a SNT. Get an local elder law attorney to help you immediately so you don't lose benefits.
Estate Planning Attorney
Tread very carefully so that you are not rendered Ineligible for benefits. Best bet: sit down tomorrow with an Estate Planning / Disability Benefits attorney. See 'Find-A-Lawyer' @ the top of this page. Good Luck to you !!
My answer is based on the limited facts presented. It doesn’t create an attorney-client relationship. Use the ‘Find-A-Lawyer’ search engine at the top of this page and follow proper legal advice.
Elder Law Attorney
In general, I agree with the prior responses but I do just want to add that you MAY (depending on a number of specific facts that you need to discuss with an attorney) wisely spend down the inheritance and preserve your benefits. For example, the $100,000 might (again, this is why you need to consult a lawyer) be used to purchase a primary residence. You don't indicate the size of the IRA account, but those funds may or may not appropriately be spent down or converted into non-countable or exempt assets/resources as well. The major reason I'm adding this post is just to state that you may or may not necessarily need a Special Needs Trust (SNT) and if the actual sum is "only" $100,000, then the costs of establishing and managing such a SNT might not be justified IF there are reasonable spend down options instead. In any event, you really need to consult an experienced local elder law or public benefits attorney right away to minimize the interruption in your benefits.
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