Psycho-Babble Medication Thread 1013496

Shown: posts 1 to 9 of 9. This is the beginning of the thread.

 

Special Needs Trust

Posted by PeterJ on March 20, 2012, at 10:35:04

I am on disability (for a severe neurological/sleep disorder) and receiving SSI. My family is contemplating setting up what is called special needs trust or supplemental needs trust. I would like to talk with anyone who has experience relating to this. I am wondering about the practical difficulties of managing expenditures within such a trust.

You can reply here; or if you want to reply privately, email me at PeterJanet@mail.com. Thank you.

Peter

 

Re: Special Needs Trust PeterJ

Posted by SLS on March 20, 2012, at 12:47:09

In reply to Special Needs Trust, posted by PeterJ on March 20, 2012, at 10:35:04

> I am on disability (for a severe neurological/sleep disorder) and receiving SSI. My family is contemplating setting up what is called special needs trust or supplemental needs trust. I would like to talk with anyone who has experience relating to this. I am wondering about the practical difficulties of managing expenditures within such a trust.
>
> You can reply here; or if you want to reply privately, email me at PeterJanet@mail.com. Thank you.
>
> Peter


I have no personal experience with this. I can't imagine that you haven't Googled, but just in case:

https://www.google.com/#hl=en&sugexp=frgbld&gs_nf=1&tok=643ZiJTBH27hcEdHVI4ICg&pq=tax%20codes%20special%20needs%20trust&cp=8&gs_id=42c&xhr=t&q=tax+code+special+needs+trust&pf=p&sclient=psy-ab&oq=tax+code+special+needs+trust&aq=f&aqi=&aql=&gs_sm=&gs_upl=&gs_l=&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&fp=8e769b3549fc7449&biw=1920&bih=908&bs=1


- Scott

 

Re: Special Needs Trust PeterJ

Posted by SLS on March 20, 2012, at 15:35:17

In reply to Special Needs Trust, posted by PeterJ on March 20, 2012, at 10:35:04

By the way, it is nice to see you again.


- Scott

 

Re: Special Needs Trust

Posted by Phillipa on March 20, 2012, at 16:02:11

In reply to Re: Special Needs Trust PeterJ, posted by SLS on March 20, 2012, at 15:35:17

Peter glad you got a good reply from SLS. Phillipa

 

Re: Special Needs Trust

Posted by Novelagent on March 22, 2012, at 12:51:20

In reply to Re: Special Needs Trust, posted by Phillipa on March 20, 2012, at 16:02:11

> Peter glad you got a good reply from SLS. Phillipa

I have a trust. Any trust will do-- also, what you're talking about is intended for people who can't count (literally, can't count quarters). Just get a normal trust.

 

Re: Special Needs Trust Novelagent

Posted by SLS on March 22, 2012, at 15:04:03

In reply to Re: Special Needs Trust, posted by Novelagent on March 22, 2012, at 12:51:20

> > Peter glad you got a good reply from SLS. Phillipa
>
> I have a trust. Any trust will do--

I don't think so. I could be wrong, though.

http://www.hg.org/special-needs-trust.asp

"Special Needs or Supplemental Needs Trusts

A special needs trust- sometimes called a "supplemental needs trust"- provides for the needs of a disabled person without disqualifying him or her from benefits received from government programs such as Social Security and Medicaid. A special needs trust makes it possible to appoint a trustee to maintain assets and retain or qualify for public assistance benefits."


- Scott

 

Re: Special Needs Trust

Posted by PeterJ on March 22, 2012, at 19:10:41

In reply to Re: Special Needs Trust Novelagent, posted by SLS on March 22, 2012, at 15:04:03

What Scott says is correct. One must have a special needs trust to continue to qualify for SSI and Medicaid. It is true that special needs trusts are often set up for people who are developmentally disabled ("unable to count") but that is not their only purpose.

I've talked to an experienced lawyer and I have a good grasp of the legalities of such trusts. What I am looking for are experiences of persons who have lived with such trusts. For example, expenditures from such a trust have to be overseen by a trustee, and I don't know how onerous and restrictive that is in practice.

Peter

 

Re: Special Needs Trust

Posted by billyho on March 23, 2012, at 22:27:04

In reply to Re: Special Needs Trust, posted by PeterJ on March 22, 2012, at 19:10:41

> What Scott says is correct. One must have a special needs trust to continue to qualify for SSI and Medicaid. It is true that special needs trusts are often set up for people who are developmentally disabled ("unable to count") but that is not their only purpose.
>
> I've talked to an experienced lawyer and I have a good grasp of the legalities of such trusts. What I am looking for are experiences of persons who have lived with such trusts. For example, expenditures from such a trust have to be overseen by a trustee, and I don't know how onerous and restrictive that is in practice.
>
> Peter

I am in the process of having a special needs trust set up so i can take care of my cousin who has CP for when my aunt passes... It is stressful to say the least. Would it be a family member who will be in charge or an "advocate" set up by the trust administers? I would think you wouldn't have a problem with a close family member but then again I am only in the process of setting up the trust.

 

Re: Special Needs Trust

Posted by PeterJ on March 23, 2012, at 23:34:50

In reply to Re: Special Needs Trust, posted by billyho on March 23, 2012, at 22:27:04


>
> I am in the process of having a special needs trust set up so i can take care of my cousin who has CP for when my aunt passes... It is stressful to say the least. Would it be a family member who will be in charge or an "advocate" set up by the trust administers?

We have tentatively decided that my two siblings will be the trustees. A professional trustee would charge a percentage fee, which would eat up too much of the trust money. They are the only two family members who would be able to do it.

I have mixed feelings about this. We have a typical degree of sibling rivalry and they have not always been sympathetic about my illness. So I don't like being dependent on them in this way, although I am grateful they have agreed to be trustees. I also worry about the possibility of conflict and disagreement about issues that will arise as well as the complexity of making expenditures from the trust. I wonder how workable it is in practice.

But without a trust I would lose access to SSI and Medicaid which means I would have to buy private insurance which would be very hard to afford.

Peter


This is the end of the thread.


Show another thread

URL of post in thread:


Psycho-Babble Medication | Extras | FAQ


[dr. bob] Dr. Bob is Robert Hsiung, MD, dr-bob@uchicago.edu

Script revised: October 4, 2007
URL: http://www.dr-bob.org/cgi-bin/pb/mget.pl
Copyright 2006-08 Robert Hsiung.
Owned and operated by Dr. Bob LLC and not the University of Chicago.