How do I set up Will to give my condo to son without the state/Medicaid penalizing him?
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How do I set up Will to give my condo to son without the state/Medicaid penalizing him?
My son is permanently disabled due to paranoid schizophrenia. He will never be able to work and his only income is SSI. He also has Medicaid. He lives with me in my 2bd/2bath condo. I make monthly mortgage payments and I’m doubtful that the mortgage will be paid off by the time I die. However, when I die, I’d like my
condo to go to him so that he can live in it and if he gets a roommate, he would be able to continue making the mortgage payments. I have heard that the state will penalize him and reduce or end his SSI/Medicaid benefits if he inherits my condo. How do I protect him from this happening? I’ve heard something about
making a Trust?
Asked on June 1, 2019 under Estate Planning, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Yes, there are trusts, such as special needs trust, into which you can put the condo and which will maintain it for him, but these trusts are very tricky and technical, with many rules with which they must comply to make sure SSI/Medicaid eligibility is not impacted. You need to go to any attorney who regularly does this (e.g. a trusts and estates lawyer; or a lawyer whose practice is focused on the needs of the disabled) to both evaluate whether what you propose is possible (e.g. falls under what is permitted) and, if it is, that it is done correctly. Do NOT try to do this yourself.
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