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I inherited some annuities from my father. My situation is a complicated one in that I also have Medicaid. I was told the only way to avoid losing my health insurance was to put the inherited annuities in a irrevocable trust. The only problem is that I want to invest the annuities and still be able to have my Medicaid health insurance. What can I do to avoid loosing my insurance while also investing these annuities?
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Hello. It is possible for you to establish a "self-settled irrevocable trust" to fund with the inheritance. This is a complicated process, but does allow you to maintain your government benefits. You would have to appoint an independent Trustee to manage the funds. I don't see why you couldn't work with that individual to decide how the funds are invested though.
Answered on Dec 01st, 2021 at 2:12 PM