Q: My 86 Yr. old father inherited a $50,000 annuity and we need to decide what option to take the funds.
He has dementia and will be going into a nursing home shortly. One of the available options is to annuitize for 5-30 years. If we choose 30 years, will it be protected from Medicaid?
A: Do a supplemental needs trust. We charge $1750. It will protect it from Medicaid.
A: If he receives any money from the annuity it would have to be spent down. There are a few alternative options available. A supplemental needs trust would allow his use of the money while maintaining Medicaid eligibility. There are some drawbacks. Also, if burial and funeral arrangements have no been made the money can be used for that.
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