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TRUST INVESTMENT QUESTION My Will leaves $100,000 from my…

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TRUST INVESTMENT QUESTION My...
TRUST INVESTMENT QUESTION
My Will leaves $100,000 from my life insurance policy directly to my mentally ill son. Because of his disability , I intend to change this so that this money goes into a bank Trust to manage and to provide him with some monthly income after I'm gone for the rest of his life. He's now 53. . I don't want this small income to disqualify him for SSI , or medicaid . With C.D. rates so low, what are some alternative types of non-speculative investments that would be approrpriate for the Trust I've described?
Submitted: 2 years ago.Category: Estate Law
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Answered in 11 minutes by:
1/17/2016
Estate Lawyer: RayAnswers, Attorney replied 2 years ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 48,922
Experience: Texas lawyer for 30 years in Estate law
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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.

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Estate Lawyer: RayAnswers, Attorney replied 2 years ago

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.

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Estate Lawyer: RayAnswers, Attorney replied 2 years ago

Short term annuities..

http://www.lifehealthpro.com/2013/04/23/medicaid-planning-spias

Annuity payments made to the master pooled trust directly.

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Estate Lawyer: RayAnswers, Attorney replied 2 years ago

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.

https://www.naela.org/Public/About/Consumers/Find_An_Attorney/Public/About_NAELA/Public_or_Consumer/Find_an_Elder_Lawyer/Find_an_Elder_Lawyer.aspx?hkey=01d28480-72a3-4294-8d32-554931fc26b4

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.;

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