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Thread: inheritance

  1. #11
    Super Moderator Sue Pendleton's Avatar
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    Quote Originally Posted by Tiger Racing
    Can one put a small inheritance like this directly into a medical trust or some kind of IRA?

    C.
    Tiger, As long as your source of income is unearned and you only receive SSDI/Medicare then you're fine. I currently don't need every cent of my SSDI to live on so apply it to an IRA. If your spouse has a retirement program your IRA may not be totally deductible now so you might want to talk to a CPA the first year you file with an IRA. Trusts are different and depending on the type some states will take back any money in a special needs trust at death if you received SSI/Medicaid.

    The big difference is whether your funds are from earned (wages) income or from unearned income (inheritaance, dividends, rent, etc.).
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    Disclaimer: Answers, suggestions, and/or comments do not constitute medical advice expressed or implied and are based solely on my experiences as a SCI patient. Please consult your attending physician for medical advise and treatment. In the event of a medical emergency please call 911.

  2. #12

    Type of Trust

    Quote Originally Posted by Tiger Racing
    Can one put a small inheritance like this directly into a medical trust or some kind of IRA? C.
    Generally, if a trust is going to be used for medical related expenses, then a Special Needs Trust that meets the IRS guidelines is the best way to go. You can establish your own special needs trust or access one under a non-profit that will manage it as well as cut the checks, etc for a minimal fee.

    TR, if you have a trust and receive an inheritance, the ineritance could me given to "Tiger Racing Special Needs Trust". It could be used for your needs, but th inheritance would need to be written to the trust if you were doing this to maintain Medicaid, etc.

    I have attached some resources.
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  3. #13
    Shortly after I was injured I had a (Irrevocable) Special Needs Trust Fund established. It is my understanding that the money can be used for items that the state or government will not pay for, such as, if you need a watch, you can go out and purchase a Timex, but not a Rolex. The money can also be used to purchase a vehicle, such as a van with a lift and can even be used to purchase a home.
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  4. #14

    small inheritance <$5k....effect on medicare?

    I see from the forum that my SSDI won't be affected, but if I recieve the inheritance in lump form will it stop my medicare? This is somewhat important as I am only two days out of the hospital from a heart attack and a stent implacement in the left coronary artery and will be needing follow up help.

    Thanks anyone. Oh, I am on medicare plan A only as I couldn't afford the other plans premiums. Also, I get some help from the VA for meds (with co-pay).

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