Don’t Let an Inheritance Destroy Government Benefit Eligibility

For most people, receiving an unexpected inheritance from a friend or family member is a delightful surprise. But for people receiving and dependent upon certain government benefits, receiving an inheritance can be a headache, or worse. This is because certain government benefits for people with disabilities have resource limits: if you have too many resources you are no longer eligible. https://absolutetrustcounsel.com/076-... Time-stamped Show Notes: 2:22 – Start listening now to hear Madison reveal one of the most common inheritance issues they see in special needs cases. 2:56 – There are many kinds of government benefits available. However, the type discussed here are largely impacted by an inheritance. 4:23 – What happens if someone passes away, leaving behind an inheritance without an estate plan? How does that impact a person with disabilities? 5:22 – Madison shares two other scenarios that could disqualify a special needs person from their benefits. Press play now for more information. 7:37 – So, if the inheritance is outright? What would the fix be? Start listening here to find out. 9:14 The two requirements for a first-party special needs trust is the person receiving the money has to be under 65, and there has to be a provision to pay back Medi-Cal in the trust. Here are the details. 10:26 What if the beneficiary is not under 65? Can they still set up a special needs trust? 11:30 A recurring question clients usually ask, why they cannot just take the inheritance and give it away. Tune in here to find out the answer. 12:48 Did you know? Even if the inheritance does not actually go to the beneficiary, they still need to claim it and report it? Even then, there could still be penalties. Start listening now for more. 13:58 Question from the Ask Kirsten Segment: My mother died in 2018, but we still have not received our inheritance, and it’s been three and a half years. What can we do? 15:47 – What can be done to help a special needs person protect their benefits if they receive an inheritance in a trust? 18:04 – Jump here to find out here what a petition for modification actually means! 19:24 – Live Q&A: What if the person inheriting property is receiving SSDI? 20:49 – Can you do a petition to modify a trust into a special needs trust if there is more than one beneficiary and not all the beneficiaries are special needs persons? 21:12 – Can you add the inheritance to a special needs trust that the parents set up for when they die? 22:08 – Kirsten ends the podcast with two big takeaways. One, don’t forget your “just in case provision” to be prepared for the future. And two, set up a special needs trust and tell your family! [Ad] Need assistance with your estate planning? We can help you understand your options and, legally, how you will best be protected at all touchpoints. https://absolutetrustcounsel.com/sche... We're pleased to provide a library of e-books to address common estate planning questions and concerns in practical, easy-to-understand language. https://absolutetrustcounsel.com/reso... Kirsten would love to offer you access to her Incapacity Planning resource page: https://absolutetrustcounsel.com/inca.... We’ve collected our top planning information all in one place so listeners can find videos, guidebooks, blog posts, and a host of information with tips and strategies on implementing, planning, and protecting themselves and their loved ones. Your Trust Administration Guide: The job of a trustee isn’t as easy as one may think. You must give legal notices, retitle assets, file tax returns, understand a legal document, and perform a variety of tasks most people find unfamiliar. As a trustee, if you forget a step or make a mistake, you could be held liable. Protect yourself, have a plan, and find out the next steps about your specific trust. Schedule a one-hour roadmapping session with Absolute Trust Counsel. We will review your trust, answer your questions and develop an action plan to get the job done right. https://absolutetrustcounsel.com/trus... Kirsten Howe and the Absolute Trust Counsel Team Can Be Reached at 925-943-2740 or [email protected]. Facebook: absolutetrustcounsel X: kirstenhowe LinkedIn: absolute-trust-counsel Instagram: absolutetrustcounsel Episode Credits The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit https://q2mark.com/.