Estate Law Questions? Ask an Estate Lawyer.
Hi and welcome to JA. Ray here to help you .
You can open a master pooled trust for him not with a minimum amount of money.These are premade trusts that have a sub account like a savings account.You would them do a codicil or a new will here leaving it to the master pooled trust account.
You may look into an annuity here that pays the master pooled trust.You may look at a CD or other safe liquid investment.None of these are going to have spectacular return but they also don't bust out either.If your son gets say SSI and medicaid these funds will still provide for him for the rest of his life.The trust here supplements the other income.
The advantage to the master pooled trust it much less legal fees and costs than an individual trust.
Here is a list of these trusts in all states.Please call them and talk to them.They are happy to explain their particular one in your state.
I appreciate the chance to help you today.Thanks again.
Medicaid and SSI law permit"(d)(4)(C)" or "pooled trusts" for beneficiaries with special needs. Such trusts pool the resources of many beneficiaries, and those resources are managed by a non-profit association.
Short term annuities..
Annuity payments made to the master pooled trust directly.
You want a NAELA lawyer here to amend your will, help set up the trust and/or an annuity here.This allows child to keep eligibility and maximize funds.
National Academy of Elder Lawyers they specialize in estate planning and medicaid.
I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.;