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Thread: Wake up call for Life management

  1. #1

    Wake up call for Life management

    I've been reading with great interest the discussions regarding Terry schiavo, and while I don't wish to join the discussion, it has led me to some other thoughts I'd like to share.

    Regardless of where anyone stands on the Terry issue, this should be a wake up call for us all to take steps to get a living will in place, so that - god forbid - anything happens to us, we will have a clear directive in place on how we wish our medical management/nonmanagement to be carried out.

    Here's a site which will direct you to the form needed for whatever state you're in:

    The other issue is money management, particularly monies received from settlements, insurance, etc. If you have received a settlement of any kind, you should place the money in a "special Needs Trust". This is a specific trust set up by the Feds to protect monies received from being 'claimed' by Medicaid and Medicare; in other words, you can receive a million dollar settlement, place it in a Special Needs Trust with a trustee you completely 'trust', and still qualify for medical care.

    The words of the trust need to be very specifically written, and there are attorneys in every state who will write the trust agreement and file it in court. Once the trust is in place, the trustee manages the money in accordance with the terms of the trust, and with the help of financial managers as needed.

    I was shocked when I saw the amount of $$ being charged for the Terri Schiavi case, to 'manage' her money. This is what our costs are for the 'management' of my son's trust - $100 month for accounting fees; this includes doing payroll for our aide, and doing quarterly and yearly taxes. $300/quarterly for the capital management firm who takes care of the investments the trust makes; they do an excellent job of shuffling around stock purchases, bond funds, and money markets to ensure that the trust doesn't make enough money to get taxed out the yazoo, but still shows gains. Occasional attorney fees when questions come up, but they've never amounted to more than $2-300 a shot - even in pricey New Jersey!

    We've had this in place for about 4 years now. It has enabled us to pay for equipment Medicaid won't cover and to hire the quality of aide that we can't seem to get through Medicaid.

    Anyway, the point is that if you do get a settlement, manage the money wisely, and get the Special Needs Trust set up; it's your money for life!

    Faye, I was going to post this as a reply in one of your topics, but thought it merited a topic of its own, and didn't want to go 'off-topic'.

    Tough times don't last - tough people do.

  2. #2
    Bumping this up because I'm a nag and I think it's important stuff!

    Tough times don't last - tough people do.

  3. #3
    You're right Jackie - very important stuff and a good suggestion.

  4. #4
    Jackie and ChrisD~ I have to agree with you both. It is very important to make your choices made and have your life in order, disability or not.

    Mark today on your calanders, the 3 of us agreed!

    "A hero is an ordinary individual who finds the strength to persevere and endure in spite of overwhelming obstacles"....C. Reeve 1998

  5. #5
    You can also get these forms on the cheap or download a copy for free if you do some hunting. Here is an example for a living will for Nassau County in New York.

    You can save some sheckals this way!

    Great idea though Marmalady.

    "So I have stayed as I am, without regret, seperated from the normal human condition." Guy Sajer

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