An elder lawyer wants to give me her money so she can instantly go on medicaid. It is called loop trust or special needs trust. The problem is we share paying our rent, utilities, food, etc. together. She has a separate SS account and I have a separate SS account, as well. I am on Medicaid and food stamps. If she gives me her money I will have to pay her money she has given to me for her nursing home bill. So, I will not have any of her money at all. I need my food stamps so we can eat. Will they take away my medicaid and food stamps eligibility? Help. Thank you.
My nephew has a Special Needs Trust because he is physically disabled and to receive services his Moms insurance money was put in the Trust. From what I understand, these trusts can't be set up once your 65 years old. Medicaid oversees these Trusts and get the money upon death.
I agree that taking this money will effect what you receive. Be aware though, if Mom has to stay in LTC and receives Medicaid, its required that her SS and any pension goes toward her care. The only time this does not happen is if there is a Cummunity spouse who needs the monthly income to live on.
I think you need to be in touch with Social Services in your state to find out what support is available to you once mom's resources are paying for her care.