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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 42195
Experience:  30 years in civil, probate, real estate, elder law
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how to setup a medical trust bank account

Resolved Question:

how to setup a medical trust bank account
Submitted: 7 years ago.
Category: Legal
Expert:  Ray replied 7 years ago.
Do you have an existing medical trust here or what? I need some more information please to help you..
Customer: replied 7 years ago.
no i do not have a medical trust, this is why i am trying to learn how to set up one.
Expert:  Ray replied 7 years ago.
Then you would need a local lawyer to prepare and execute such a trust for your benefit and protection.The trust can set up a bank account under the trust name.You would need to work with lawyer on the terms and who you want as trustee of your trust here.
Customer: replied 7 years ago.

why i cant set it up myself, with the proper documents

Expert:  Ray replied 7 years ago.
I am not sure that we are talking the same thing.You can set up a bank account here for any purpose you want.But if you want a trust account it needs a trust otherwise its just a regular account.What are you trying to set it up to do here?

Edited by RayAnswers on 3/1/2010 at 7:36 PM EST
Customer: replied 7 years ago.
a medical trust account
Expert:  Ray replied 7 years ago.
But are you trying to pay your bills here or what purpose here?I am not trying to give hard but need to know why you need one or what you are trying to protect?
Customer: replied 7 years ago.
im trying to keep social security from using any money that earn or raise as resource against me,because im trying to get a transplant. I was told tat if i had this trust they cant use it aganst me,or look at it period.
Expert:  Ray replied 7 years ago.
Thats what I figured.You may want to check your area here for an existing master pooled trust.This is like a savings account.They have a master trust and you have a sub account here like a savings account.This allows you to have benefits in trust and they aren't counted as resource.Try a google search for your city master pooled trust.The fees here at master pooled trust are much lower than say regular bank.This would take care of your situation here.These pooled trusts have previously submitted and had trust document here approved by medicaid and so you don't have the time and expense here of preparing your own trust.
Expert:  Ray replied 7 years ago.
Customer: replied 7 years ago.
in this master pooled trust , if i am correct you are saying that someone else will have the account, but i will be subletting from them. what do you mean approved by medicaid, will they have something to do with the account?
Expert:  Ray replied 7 years ago.
They will have prefiled a trust document that medicaid and ssi have reviewed and approved.You are a sub account holder here under their preexisting trust.Otherwise you would have to pay for your own special needs trust here.You can't just have a regular bank account.It has to either have its own trust or you go with a pooled one.With small amounts here you want to go with these guys.The two I gave you are large legitimate pooled trusts and they charge much less fees.
Customer: replied 7 years ago.
would it be better for me to pay for my own special needs trust ? and how would i go by getting the document that you are talking about? how much does it cost?
Expert:  Ray replied 7 years ago.

No it would not be cheaper here, since you are small account it is way cheaper with pooled trust and you get the same result.Small settlements like from personal injury always use pooled trusts.Its just more economical here.You are welcome to call them here and they will give you all kinds of information about their pooled trusts.

Customer: replied 7 years ago.
call them where? are you saying here at just answers or where?
Expert:  Ray replied 7 years ago.

No either one of these are reachable through web site and phone numbers.

 

Here's two I found you here..

 

Customer: replied 7 years ago.

thank you very much for your expertise,one more question ,will i need a lawyer for these trusts?

Expert:  Ray replied 7 years ago.
You would not if you use the pooled ones I gave you--it will save you some legal fees.
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