Funding expenses

[brooksea]

Has anyone looked into setting up a trust fund in order to cover the expenses incurred with ALS?

If you've had a fund raiser to cover such expenses, how did you handle the money?

anyone have any experience with this sort of thing or have any other ideas?

 

[planningguy]

Depending on what you are using the money for, a Miller or "Utah" trust might work. Some people also refer to these trusts as Qualified Income Trusts (QIT).

Usually these trusts are utilized to store funds, and allow an individual to still qualify for Medicaid in an income-cap state. The funds can only be used for certain purposes (for example covering medical costs that Medicaid won't cover, and certain types of necessary expenses). An attorney who specializes in trusts or Medicaid should be able to provide more information, and you can certainly google "miller trust" for a basic description. I hope this helps.

Robert

 

[CindyM]

Thanks for this very useful information! CJ- if you do a fundraiser, be sure to announce it here! :-D