OTE, another question

[Fran]

OTE, could you tell me the source for this quote? I need to have it in hard copy for when I visit the examiner. Thanks


[ QUOTE ]

My point is that if you set up the trust now with only a few thousand in it the trust could pay your difficult child now as needed/ as authorized by the trustees. So if the trust is set up correctly, and that's going to vary by state, the trust could give the difficult child money now without any problems with SSI or Medicaid. And this is what would typically be done if a parent were putting a child into a long term placement such as Rainman. The trust would then pay the bills for the child for life as the trustees (in Rainman's case the guy who ran the program) see fit.

[/ QUOTE ]

 

[OTE]

Not sure how to answer that. The social security law doesn't say that you CAN have a trust. A special needs trust is more like a loophole. It's not specifically in the law, it's something that finds it's way around the law.... without violating the law.

Guess I'd be very specific with them about wording. I'd say that I am not giving money to my son. I will set up a special needs trust with the advice of an attorney. IF that special needs trust can provide something for my son within the law according to my attorney than it MAY do so.

Frnakly, I don't see why to mention it at all. It's something in the future. You meet with them to discuss the past or the current, not the future.

 

[tina duann]

Just my experience, I was told that my children and us could only have $1000.00 each in savings or anywhere else. That means we can have a total of $5000.00 between all of us. Just my 2 cents.

 

[OTE]

Tina, you're correct though the amount is going to vary by family. I attached the SSA link on that. That's the law. But a special needs trust is something that a lawyer helps you set up that works like a legal loophole. The beneficiary doesn't have control of the money, can't make decisions about it, the money can only be used for certain items, there are all sorts of rules that vary by state. Thus the need for a lawyer who specializes in this.

There are other items that are excluded from the asset limitation. There's a list of excluded assets on the ssa.gov website also. Plus, as I found when I sold my house, tons of other excluded assets in their own rules.

http://ssa.gov/