legal advice inheritence related

[ez]

I have a special needs child, he is autistic, on the severe side, age 4. We live in Florida and I have heard that a special needs child can't have more than 2000.00 in their name or they don't receive assistance as an adult. A family member recently passed and it is possible my son might receive an amount of money that is in excess of 2,000. Not sure if it would be in a trust fund or what, and I am wondering what to do if this happens, should we refuse it, what would be our options? Thanks!

 

[jodifla]

I have a special needs child, he is autistic, on the severe side, age 4. We live in Florida and I have heard that a special needs child can't have more than 2000.00 in their name or they don't receive assistance as an adult. A family member recently passed and it is possible my son might receive an amount of money that is in excess of 2,000. Not sure if it would be in a trust fund or what, and I am wondering what to do if this happens, should we refuse it, what would be our options? Thanks!

There are a lot of rules on this. But you can have a special needs trust set up. A lawyer knowledgeable about this should handle it. And you can pay for the lawyer's fees normally out of the money you get. I'd start asking around to find a good lawyer who will let you know their fee upfront and who specializes in this kind of thing in your part of Florida.

 

[jodifla]

Well the much maligned Wikipedia has this info:

http://en.wikipedia.org/wiki/Supplemental_Needs_Trust

 

[mechurchlady]

Call your case worker or their office for the rules then start asking questions. It is free and they will give you exactly what your limits are if any for the child. Know the facts then you may not even need a trust fund set up for the child.

 

[bookwormde]

If it is a significant amount of money it should be held in a special needs trust. A good financial advisor can help you learn about the basics and an attorney eventually would set it up.

bookwormde

 

[kaffinito]

Exactly what the pp's have said. I am in the process (after my Dad passed away) of setting up just such a trust for my oldest boy. The youngest should be fine, but the oldest will need a special needs trust.

Find a good lawyer please, so there won't be too many "hiccups" later on and don't forget about naming a contingency trustee in case you and your spouse are not around (God forbid!) when your child needs the money for his care.

 

[PatsMom]

I have a special needs child, he is autistic, on the severe side, age 4. We live in Florida and I have heard that a special needs child can't have more than 2000.00 in their name or they don't receive assistance as an adult. A family member recently passed and it is possible my son might receive an amount of money that is in excess of 2,000. Not sure if it would be in a trust fund or what, and I am wondering what to do if this happens, should we refuse it, what would be our options? Thanks!

I'm not sure what the limits are in Florida but $2,000 sounds about right to be disqualified for public assistance. As your child's parent, you could disclaim the inheritance on his behalf. But state law might consider that the same as if you actually received the money. You do need to check with an attorney who specializes in this area. If the child receives money, it would normally be held in a minors trust of some type under the supervision of the probate court if the money passes through probate. If left in a revocable trust or some other arrangement by the decedent, it will still be under someone's supervision until the child is 18 at least (maybe longer depending on the terms of the trust). I believe it is treated just like a Medicaid spend-down. The child isn't disqualified forever, just for as long as the money lasts.

It may be too late to do anything about this inheritance (i.e., shielding it from spend-down) but it is not too late to set up the proper mechanism to inherit money for your child's benefit when you die. A good attorney is a great investment in a situation like this.