SAVE MY INHERITANCE

Everybody’s Uncle,

Looking for a little advice. My mother passed, along with my brothers we all inherited money. My brothers received their part, however I have not. Here’s why, I am on med-cal/medicare and permanently disabled. So the funds are going to be placed in a trust. This trust is for only special needs etc.
 
What I am asking is there something else that can be done????
so I don't lose my medical or my inheritance????????
 
Trust holder advised: housing/rent or buying food, [unintelligible], does not apply with special needs.
 
Please advise me asap, running out of time.     
 
Glenda

 

Glenda,

[Everybody’s Uncle is not a lawyer. Please seek legal advice before making any decisions with legal/financial impact.]
 
You seem to be more caught up in panic than understanding your circumstances. Placing your inheritance in a Special Needs Trust (SNT) seems to be the right thing to do. You do not lose your inheritance when it is placed in a SNT. The mechanism is often employed to protect assets with regard to public assistance claims. If the money goes into your name there might be cause for concern about the public assistance agency seeking reimbursement for your disability payments.

The Trustee has some discretion as to what are reasonable “special needs.” You should make a list of what you want to do with the money and present it to the Trustee. Remember, the Trustee has an obligation to act prudently. He must respect your needs and honor his legal and ethical obligations.

As Trustee, I would not allocate funds for casino gambling but I would consider travel expenses for a family visit. Any device or activity prescribed by a medical professional might serve as a guideline. If you think funding is denied unreasonably contact a lawyer.

Sorry for your medical condition but pleased that your mom had the presence of mind to protect your inheritance as she did.

Think - don’t panic,

Everybody’s Uncle