Someone I know of distantly inherited over $300K in cash from his father. He has been unable to work his entire life due to mental illness and relies on social security and Medicaid. His father is now gone and he has no one.
Social security stopped his supplemental income payments and Medicaid said he will lose coverage soon. Now that the Father's income has stopped and 100% of bills are on him, the $300,000 will last a number of years until we consider having to pay for private health insurance premiums and medications.
Is there any advice for this type of scenario where no estate pre-planning was done? I've heard of "medicaid compliant annuities" or special needs trusts but I'm very unsure which options he should research to get the ball rolling.
Submitted March 02, 2021 at 05:31PM by Banker86 https://ift.tt/3kG5xdS
