Page 1 of 2 12 LastLast
Results 1 to 10 of 14

Thread: Special needs trust account

  1. #1
    Senior Member Stormycoon's Avatar
    Join Date
    Feb 2006
    B-vILLE Oregon

    Special needs trust account

    Does anyone have knowledge of these, or can I say if I were expecting a large sum of money & didn't want it to effect my SSI & Medicaid benefits, is this what I would neeed to set up? Please if anyone knows about this>
    I am not your rolling wheels
    I am the highway
    I am not your carpet ride
    I am the sky
    I am not your blowing wind
    I am the lightning
    I am not your autumn moon
    I am the night, the night..

  2. #2
    Get an attorney to set one up.
    Aerodynamically, the bumble bee shouldn't be able to fly, but the bumble bee doesn't know that, so it goes on flying anyways--Mary Kay Ash

  3. #3
    You definitely need a special needs trust set up by a PROFESSIONAL. Spend a little money to protect a lot! Be careful in choosing a couple trustees though. Money does weird things to people. The laws have finally tightened on the abuses trustees commit, but once the money is gone it's hard to get it back. The old saying "can't get blood from a stone" comes to mind. Sure they might get charged, but more often than not, the money is never returned.

    Or you can get the opposite effect where the trustee gives you no money, for whatever reason. It could be jealousy or something else.

    Money makes people weird, protect yourself!


  4. #4
    You definitely need the assistance of a lawyer and professionals to set up a Trust. Ideally, the trust agreement should be reviewed by the judge managing the civil action so that your needs are adequately served. And be sure that your choice of trustees are people who will place your needs before their greed.

    SSI & Medicaid: The Trust's funds, because they are not exactly in your name, will not affect your Medicaid benefits. Any Trust money that you use for food or shelter, however, will be deducted from your monthly SSI benefits.
    "I'm lost. I'm no guide, but I'm by your side." - Pearl Jam

    "It decomposes, mendicant, therefore, truly, one calls this the world." -- Loka Sutta

  5. #5
    I've set them up for sci clients and the like through my firm Citi / Smith Barney. You will, however, need a local attorney (or an attorney licensed in your state) to draft the trust. Once the trust is drafted you can open an account at a bank or brokerage (Smith Barney) firm.

    Once the acct. is established and funded (no minimums or maximums) you can then invest the monies and use them for the patient's benefit based upon the terms, whether loose or strict, of the trust.

    Typically, I recommend that above and beyond cash contributions that a second-to-die life insurance policy also be issued and included within the trust which will help build and retain the assets over the long-term (decades).

    If anyone has any additional questions please pm me.

    Good luck,


  6. #6
    Senior Member darty's Avatar
    Join Date
    Aug 2004
    Las Vegas, NV
    They are the best email them...

    Theresa M. Varnet

    email Theresa

    Theresa Varnet has been an advocate for persons with disabilities for over 40 years. In addition to being a certified teacher, licensed social worker and a graduate of the DePaul University College of Law, she is the parent of a disabled adult daughter. She has served as Social Services Director in a residential school for profoundly retarded children, Coordinator for a Special Education Cooperative and as a Citizen Advocacy/Disability Rights Coordinator. While living in the Sultanate of Oman, she assisted the Omani Ministry of Social Affairs in developing the first preschool program for children with handicapping conditions.

    Ms. Varnet is an active volunteer in the National, State and local chapters of The Arc (formerly known as the Association for Retarded Citizens), Alliance for the Mentally Ill, The Autism Society, serves on the Board of Directors for Life Stream, Inc. in New Bedford, MA, past member of the Developmental Disabilities Council in MA and KY, and past member of the Governor's Advisory Panel on Special Education in KY. She received her Masters degree in Social Work from the University of Connecticut. Her experience includes extensive work in the area of in-service training with families, special educators, social workers and other professionals. She is a frequent speaker for volunteer and professional groups and has presented nationally at the National Conferences of TASH, AAMR, NADS, and The Arc, U.S. among others. She is also the co-author, with Richard Spain, of "Home Control Through Estate and Financial Planning", funded by the Illinois and Missouri Planning Councils on Developmental Disabilities. Ms. Varnet has been quoted on numerous occasions in national journals and publications, including the Kiplinger Retirement Report, Business Week, The New York Times, The Chicago Tribune, and the AARP Bulletin.

    Ms. Varnet is a member of the American Bar Association, the National Academy of Elder Law Attorneys, and the Academy of Special Needs Planners. Ms. Varnet is licensed in both Massachusetts and Illinois and divides her time between the Illinois office of Spain, Spain & Varnet P.C. and the Massachusetts office of Fletcher, Tilton & Whipple, P.C..

  7. #7


    hello everybody i was just wondering will, right now im just attending schoool fulltime student vocab is paying for my school, and right now me and my wife are trying to get a home if i get a home under my name will vocah rehab still keep paying for my school andy advice thanks guy or will it effect in anyway my benefits thanks alot

  8. #8
    Voc rehab services are generally not dependent upon income or assets but on employability and need for education in order to reach the vocational goals established in your plan. You can also own a home under qualifications for SSI or Medi-Cal, but of course having a home and paying the mortgage, taxes and upkeep may require more income that you may be allowed if you are on those programs.


  9. #9
    Senior Member feisty's Avatar
    Join Date
    Jun 2005
    Midtown, Sacramento, CA
    Looking for recommendations for a special needs trust lawyer in California... this ish is hard! I've called an easy 10-15 all with different outcomes. None positive, hence this post.
    An administrator made me remove my signature.

  10. #10
    Feisty, you might try calling your county bar association and asking for a referral to someone who specializes in this. They should know.


Similar Threads

  1. Replies: 2
    Last Post: 06-23-2005, 11:51 AM
  2. Wairarapa to fore in spinal research trust
    By Leo in forum Funding, Legislation, & Advocacy
    Replies: 0
    Last Post: 04-28-2005, 03:38 PM
  3. Special Needs Trust
    By DebC in forum Life
    Replies: 2
    Last Post: 09-22-2004, 07:06 PM
  4. DAV Charitable Service Trust Helps Update VA Lab
    By Max in forum Funding, Legislation, & Advocacy
    Replies: 0
    Last Post: 05-19-2003, 12:57 PM
  5. Henson trust ideal for disabled children (Can)
    By antiquity in forum Ability & Disability News
    Replies: 0
    Last Post: 12-23-2002, 09:15 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts