Question:
I’m on Medicaid and SSI. I’ll be receiving a financial inheritance within the next year or less. Can I deposit my own inheritance in a Third-Party Special Needs Trust and spend it on myself? I really need to be able to keep my Medicaid and spend my inheritance on myself.
Answer:
No. By definition since it’s your money it’s a self-settled trust, not a third-party trust. But if you are disabled and under the age of 65, you can transfer the funds into a (d)(4)(A) trust, which is just like a third-party trust except for the Medicaid payback provision from any funds remaining upon your death.
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