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Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 53567
Experience:  Licensed attorney helping individuals and businesses.
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I will be getting an inheritance and we are on government help.

Customer Question

I will be getting an inheritance and we are on government help. I want to protect it and get to use some without losing our health insurance, what can I do ?
Submitted: 6 months ago.
Category: Estate Law
Expert:  ScottyMacEsq replied 6 months ago.
Thank you for using JustAnswer. Just to be clear, you're talking about Affordable Care Act (ACA) subsidies?
Customer: replied 6 months ago.
no we have medicaid health insurance
Expert:  ScottyMacEsq replied 6 months ago.
I see. As it's a Medicaid issue, not ACA, I'm going to opt out of this question and let someone else assist you further. Please be patient and someone will be with you soon.
Customer: replied 6 months ago.
Expert:  Infolawyer replied 6 months ago.
different expert, do you still need an answer and if so, what issue would you like addressed now? thanks
Customer: replied 6 months ago.
My question still isn't answered !
Customer: replied 6 months ago.
I am getting an inheritance. I am on medicaid for my health insurance. I do not want to lose my health insurance. I also want to be able to use some of the money on my house that needs some things fixed. Is there a special account I can put it in or something I can do ? If I don't get an answer in 24 hrs. I am cancelling.
Expert:  Infolawyer replied 6 months ago.
Consider placing inheritance in an irrevocable trust. That way it is not in your name and better protects your benefits! Local bank can assist or counsel in setting up the trust account. I wish you the best. I trust the answer has been helpful. kindly let me know.
Customer: replied 6 months ago.
Do I have to report this to the IRS and will I be taxed on it ?
Expert:  Infolawyer replied 6 months ago.
You would report it but there should be no tax
Expert:  Infolawyer replied 6 months ago.
Kindly rate me positively. enjoy the weekend!
Customer: replied 6 months ago.
If I put it in an irrevocable trust I can"t touch it, and there will be fees for doing this. I want to put it in somewhere where I can get to it and use it
Expert:  Infolawyer replied 6 months ago.
To get it and use it keep it in your name and add a trusted person such as spouse to title to protect from creditor claims. Not as protective as a trust but gives you ability to touch it. Kindly rate me good or better.

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