Ask Terry Questions inheritance and special need trusts for disabled

inheritance and special need trusts for disabled

By Terry Savage on August 29, 2016 | Wild Card

hi I have a question if a person is 77 years old and disabled in a wheelchair in Illinois and on Medicaid and medicare and receive a inheritance do they qualify to have the option of a first party trust or a first party trust with special needs trust..... or just a and a pooled trust

Terry Says

Hmm . . . once that person actually receives an inheritance, it would disqualify him/her for many Medicaid programs, and might raise Medicare premium, depending on future income earned on the inheritance.  One option might be to "disclaim" the inheritance before it is received.   But the disabled person would need legal counsel in this case.  I suggest contacting an elder law expert.  In Illinois, the perfect expert to contact is Jerry Lamet.  His information is pasted below:  

Jerome S. Lamet, Ltd; Debt Counsel for Seniors and the Disabled

542 South Dearborn Street Suite 1260 Chicago, IL 60605
(312) 939-2221



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