- quote -

It's certainly a difficult issue all around. It burns me sometimes
aiding or advising people re: 'protecting' assets from 'confiscation'
by the government to repay special needs entitlements, and Medicaid
nursing home costs, etc., knowing *I'm* really picking up the tab as a
taxpayer, etc. OTOH it was OK for *my* parents to set up trust to
protect their assets, and for my sister to protect her assets fbo my
special needs niece,who is just the sweetest child! Unfortunately
it's not an issue that's going away any time soon. Just points out, I
suppose, how one person's 'loophole' is another's 'fairness'
provision.

Rick Bryan
New York, NY

"Leigh Menconi" <lmenconi[at]earthlink.net> wrote
- quote -


- quote -


- quote -

I don't understand. How is this supposed to make me feel better about one
disabled person's benefit (via a legal loophole) being to the detriment of
others who are disabled?

Please don't assume I have no experience with legally disabled relatives who
have suffered horribly and likewise been a financial (though loved) burden to
their parents.

I am not swayed from my position to urge Congress to close financial loopholes
like this.

In Massachusetts that's easy. There aren't any. Mass for a fact and about 18
other states have gone after 100% Medicaid Recovery. The look back is a
least 5 years and if your lawyer and FP are honest they won't write new ones
because the state has just about killed the Medicaid Trust scheme.

"HW "Skip" Weldon" <skip5700removethis[at]hotmail.com> wrote in message
news:mgs770pu1ontrevfsp6l617vghhujo3tas[at]4ax.com...
- quote -

"Caroline" <caroline10027remove[at]earthlink.net> wrote in message
news:c7_cc.536$A_4.483[at]newsread1.news.pas.earthlink.net...
- quote -

As the parent of a child with a disability, I can tell you that it's very
difficult to save much for retirement much less for a trust for our daughter
after we die (especially given the fact that I'm pretty much unemployable
because my schedule is so erratic due to her intensive health needs). I'm
hopeful that she *will* be able to hold a job and pay taxes like others do
and *not* have to depend on social security or medicaid but it's more likely
that this will not be the case. There are some parents I know who have
children with disabilities who have actually gone so far as to relinquish
guardianship of their pre-adult children to the state and be appointed their
"foster" parents so that they can afford to keep their child at home where
they know they will be safe and well-cared for (don't get me started on
group homes and how poorly funded and staffed they are). The needs of a
child/person with a disability can be great and to have a special needs
trust that can supplement what is covered by with SSDI is a blessing.

Leigh

"Leigh Menconi" <lmenconi[at]earthlink.net> wrote
- quote -

Thanks for the citation.

It seems a definite break for the wealthy ("or better to do") giving some who
are disabled a disproportionate share of the federal welfare pie than others.

But it is the law.

- quote -

Which someone without a Special Needs Trust would have to pay for out of his/her
regular government disability benefits.

But I don't want to start a political discussion.

Just an observation for those who care to lobby their member of Congress re
financial planning matters.

On Wed, 7 Apr 2004 03:59:25 CST, "Leigh Menconi"
<lmenconi[at]earthlink.net> wrote:


- quote -

Excellent article - thanks for posting it.

Does anyone have an article or brief explanation of the trust that
potential medicaid recipients can use (that shelters assets from
medicaid tests)?


-HW "Skip" Weldon
Columbia, SC

"Caroline" <caroline10027remove[at]earthlink.net> wrote in message
news:Q5Bcc.17949$lt2.13963[at]newsread1.news.pas.earthlink.net...
- quote -


In a special needs trust, the trust is not an asset of the beneficiary and
does not have to be declared.

http://www.eparent.com/lifeplanning/.../metdesk_4.htm

The article does state that at the beneficiary's death that some of the
trust can be taken to pay for services rendered during the lifetime of the
individual. The trust can only be used to pay for specific things like
eyeglasses, transportation, entertainment and the salary of a personal
assistant.

Leigh

"Leigh Menconi" <lmenconi[at]earthlink.net> wrote
- quote -

Are you certain that the disabled son does not have to regularly declare to the
appropriate 'government disability benefits department' what his
assets/financial benefits/etc. from other sources are?

That benefits from an inheritance or trust would not have to be declared by the
son (or whoever manages is financial affairs) at some point would surprise me.

You will probably need to set up a Special Needs Trust and leave the condo
to the trust itself, not to him, so as not to affect his disability
benefits. Any assets in his name will affect his benefits. Contact your
local ARC for the name of a trust attorney who can help advise you. I think
in many cases you can write your will so that the trust isn't even created
until your death and that the assets pass to the trust.

Leigh in raLeigh


<rog350[at]webtv.net> wrote in message
news:5332-4071DB87-466[at]storefull-3296.bay.webtv.net...
- quote -

My wife and I have a very small estate actually it only consists of our
condo worth about $60,000. I have a disabled son who lives in another
state in subsidized housing. I don't think he could afford to carry our
condo after our death and staying where he is might be the least
expensive for him. His only monthly income is $670. from SSI.
Here is my question, what would be the best way for us to leave him
this property so he could get the most out of it when he sold it ?? I
wanted to just add his name to the deed figuring the property would just
pass to him without probate after we pass. Somone told me if we did
add his name to the deed he would need to pay capital gains taxes at
each of our deaths ??
They said a will would be best but would probate be more with a will ??
I am even concerned about the will in that it could cost my son more to
carry the property until probate ended ?? Any ideas or feedback would
be appreciatted.

Regards - Roger Houle