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Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 4872
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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This is a question for an attorney who is expert in ESTATE

Resolved Question:

This is a question for an attorney who is expert in ESTATE PLANNING and/or TRUST FUNDS.

I am 66 years old and no longer married. I have some serious health issues and I live on $1,011 a month (poverty level). I just recently was awarded some money in the settlement of a medical malpractice lawsuit. The award was $333,000, however 1/3 to the atty; 1/3 to Medicare; 1/3 to me. My atty is currently holding my $100,000 in escrow until they finish negotiating with Medicare. HERE IS MY QUESTION: Is there anyway to protect this small nest egg from old creditors, since it must be there to support me the rest of my life - it is all I have now, other than my OLD car!! I'm wondering if there is some kind of a Trust Fund, with my son as executor, that could be done?
Submitted: 1 year ago.
Category: Legal
Expert:  Irwin Law replied 1 year ago.
Hello, it's me again. I know a little bit about this subject - enough to be dangerous :-). Sorry to hear about your situation. Have your P.I./Med. Mal attorney look into setting up a "special needs trust" for your money. They should be aware of this type of tool. You must establish it before you receive the money, so work through the present lawyers. If you need more information about it, let me know.

I hope this Answer is helpful and that you will give it a positive rating. If you have any follow up questions please send back a Reply. You should consult a local attorney to verify that this information is accurate for your state. Thank you for using Pearl.com- Just Answer. We appreciate your business.
Customer: replied 1 year ago.

You are so cute! ...w/ " ... Hello, it's me again." ANYWAY, I'm so glad that it is you again, Irwin (forgive - don't know if I am calling you by your first name, or last, and of course I am not supposed to know!).


As I might have expected from you, you have given me guidance no one else in my life has even mentioned. I refer to the "Special Needs Trust" suggestion. I immediately emailed my attorney about same and I am awaiting a reply (it may be a while, with the upcoming holiday). I would have addressed this question directly to you from the get-go, but I was feeling guilty about how much of your time from which I had just benefited and decided you were likely sick of me. But with your permission, I shall request you specifically from now on when my question is in your area of expertise. I know my answers will be timely and on target. Once again, thank you.

Expert:  Irwin Law replied 1 year ago.
My pleasure. If you happen to hit an area that I am not familiar with I will Opt out and turn it over to someone else.
Customer: replied 1 year ago.

Hello IrwinLaw, So, I just got a telephone call from my Med Mal Atty re: the email I sent him last week about your suggestion of Special Needs Trust. His reply quite honestly, was that it wasn't his field of law and he had arranged for a friend of his who is expert in trusts to call me. All good, I guess. His main - and repeated - point to me on the phone, however, was that it was Medicare that was robbing my settlement, not Medicaid. And also that once a court-ordered trust is set up, I would loose control over the little bit of money I need.


 


I wish every day that I had pressed my case on to trial. My atty had just finished a trial suing - believe it or not - the same surgeon, different patient and a jury awarded 2.5 million. I got a settlement of 333,000, but will end up will end up with about $90,000 when Medicare gets through taking back what they want. NO MILEAGE living in the past, right?


 


IrwinLaw, is there any trust that can be set up with my eldest son as executor, that protects my money, yet allows me access? I am SO fearful of loosing the little bit I have. MY ATTORNEY's last advice to me was, "Barbara, I expect you to live a long time. Enjoy this little nugget and by the time you need a nursing home you will be poor again and qualify for the Long Term Care. He does not understand what it takes to qualify for Long Term Care through Medicaid. If I loose it now, I would have to reapply and likely not qualify when I need it. SUGGESTIONS?? HELP?? Blessings, Barbara

Expert:  Irwin Law replied 1 year ago.
I am hesitant to start talking about trust techniques without knowing you or all of your surrounding circumstances. Wait until you speak with his friend, the trust lawyer. He might mention an irrevocable trust with a spendthrift provision. But, keep in mind that there are no perfect solutions to every conceivable situation that you face. Good luck.I hope this Answer is helpful and that you will give it a positive rating. If you have any follow up questions please send back a Reply. You should consult a local attorney to verify that this information is accurate for your state. Thank you for using Pearl.com- Just Answer. We appreciate your business.
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 4872
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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