Setting Up A Special Needs Trust For Medicaid Eligibility

Summary

Setting up a special needs trust can help protect assets for individuals with disabilities without affecting their eligibility for public assistance programs. Its important to consult with an attorney specializing in estate planning to ensure compliance with massachusetts laws.

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my husband has commonwealth care alliance for health insurance. Recently he came into a large sum of money from his moms estate. We were just wondering what kind of account to put it in so he doesn’t lose his insurance. He has dementia and will eventually have to go to a nursing home
Have you considered setting up a Special Needs Trust for your husband? This could potentially protect his assets without affecting his eligibility for public assistance programs.
i am not familiar with the law about this. Is this something you can do at any bank.
Not all banks offer Special Needs Trust services. It's best to consult with a financial advisor or attorney who specializes in estate planning.
Thank you
You're welcome, ****. If you're in the US, you can contact the American Bar Association for a referral to an estate planning attorney in your area.
thank you. I will do that
What state are you located in? This will help me provide more specific information.
massachusettes
What is the total amount of money your husband received from his mom's estate?

In Massachusetts, a Special Needs Trust can help protect assets for individuals with disabilities without affecting their eligibility for public assistance programs.
so far *,* and they said there are more coming but they didn’t specify how much
What is the source of the additional funds that are expected to come?
i’m not sure. I believe it is from her bank accounts that she had. His sister takes care of all that
Is your husband's sister willing to cooperate in setting up a Special Needs Trust? It's important to have all parties involved in agreement for the process to go smoothly.
i am sure she would be. The money has been split between the * remaining children
What is the current health condition of your husband? This information can help in determining the type of Special Needs Trust suitable for him.
he is in poor health. He has dementia paired with paranoia so he doesn’t even think the check is real
What is the current status of your husband's health insurance? Is it still active or has it been affected by the inheritance?
it is still active so far. We haven’t done anything with the check yet. We just got it last week
What are the terms and conditions of your husband's health insurance regarding inheritance or sudden increase in income?
i am not sure. I will have to check with them
What is the name of your husband's health insurance provider?
commonwealth care alliance (CCA One Care)
What is the income limit for your husband's health insurance plan with Commonwealth Care Alliance (CCA One Care)?
not sure
What is the current monthly income of your husband?
he gets SSDI. He has been disabled for over 20 years. It is $*,*.* a month
What is the maximum asset limit for your husband's health insurance plan with Commonwealth Care Alliance (CCA One Care)?
not sure
What is the current total value of your husband's assets, excluding the inheritance?
we have a mortgage on the house that is worth about $*,* but that is all
What is the current market value of your house?
probably about $*,*
What is the remaining balance on your mortgage?
i am not sure. Probably about *,*. We refinanced a couple of years ago so we could have our house sided
What is the current status of your husband's health? Is he able to make decisions regarding his finances?
no. I do all the finances
What is your husband's current mental capacity according to his doctor? This is important for setting up a Special Needs Trust.
with the dementia and paranoia he also has agoraphobia. He tried to kill himself twice last year
I'm really sorry to hear that you're going through this. Have you considered seeking professional mental health support for your husband?
he has a thereapist that comes out twice a week and his psychiatrist calls one a month
What is the name of the therapist and psychiatrist? It might be helpful to involve them in the process of setting up a Special Needs Trust.
his therapist is Steve and psychiatrist is Erin
What are the contact details of Steve and Erin? It might be helpful to involve them in the process of setting up a Special Needs Trust.
I don’t feel comfortable giving that information out
That's perfectly fine, ****. Privacy is important. Have you considered discussing the Special Needs Trust with Steve and Erin? They might provide valuable insights.
i will do that when he comes out next time
What is the name of the bank where you plan to deposit the inheritance?
not sure yet
What are the types of accounts you are considering to deposit the inheritance?
we only have a checking right now. Not sure if we put it in a trust account if that would be ok
What type of trust account are you considering? In Massachusetts, a Special Needs Trust might be a good option to protect assets without affecting eligibility for public assistance programs.
not sure. That is why I need to talk to a lawyer to find out the different accounts
What type of benefits is your husband currently receiving from Commonwealth Care Alliance?
health, dental, vision. They pay for the therapist and also a nurse that comes out twice a week
What is the frequency and duration of the nurse's visits?
twice a week for just a few minutes. They take his vitals and make sure he is taking his medicine as prescribed and eating ok
What is the name of the nursing home you are considering for your husband?
not sure bee have a ways to go for that. He was just diagnosed with dementia last year when he was in the psych ward at the hospital
What is the name of the hospital where your husband was diagnosed with dementia?
baystate
What is the current status of your husband's dementia? Is it mild, moderate, or severe?
right now it is mild
What is the name of the financial institution where you're considering setting up the Special Needs Trust?
not sure. I will call that number you gave me and find a lawyer who can guide me. Thank you for all your help. I have to go now
I'm glad I could assist you, ****. Don't hesitate to reach out if you have more questions in the future. Take care!