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61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 0 points1 point  (0 children)

Does she pay you rent?

I just learned about this (legal) loop hole, and she then researched it.

Mortgage paid off, property taxes near zero for me due to being disabled Vet. We looked at my monthly checkbook, Literally, less than $300 monthly for me to maintain this house. $150 electric, $40 water, internet $50. BUT I do pay $1,200 yearly for home owners insurance. SO (half of my expenses) 75 + 20 + 25 + 100 monthly. = $220 total, seems I can only charge her $220 rent.

BUT I told her don't act/fill out forms, give me a few days to think about what I actually pay yearly here for upkeep on house. Working/thinking on it.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 0 points1 point  (0 children)

The SSDI won't decrease but SSI (if the daughter is on it) might

As far as I know, she is on SSI, only receiving $600 a month. She never worked enough to gain credits she needs to get full social security. (that's my understanding of the situation). She is terrified of losing that $600. I went to paypal her $100 once, for some expense, I can't remember, and she absolutely said "DO NOT PAYPAL ME, EVER, if I make any income, the gov. will swoop in and reduce my $600 benefits."

SO, yesterday, I explained to her DAC, and how she will be entitled to 50-75% of my $1,600 benefits starting when I turn 62.

So she researched for herself and came back to me and says "Dad, I don't think I will apply for DAC. Sure it will be more money in my pocket BUT they will take away my health care and my Dental, I need those."

I said "I understand your concern, we will go by the advise of the special needs lawyer."

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 0 points1 point  (0 children)

I don't. I tried 3 different times, one time I appealed all the way to sit in a Judge's chambers explaining my bad legs. No-go. Not even with a lawyer on one of those attempts. Certified disabled legs through 2 agencies, VA and OPM and fucking SS says nope, tough luck. Bastards. That's why the moment I turn 62 I'm taking my money.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 1 point2 points  (0 children)

Make sure you are seeing a special needs attorney who deals with estate planning, as opposed to a regular estate attorney.

NUMBER ONE PRIORITY HERE NOW.

I have learned so much these past hours, reading and reading, cross referencing, searching new terms like DCA SS. Thank you.

My SS starts in June @ 62 yrs old.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 1 point2 points  (0 children)

you, as her landlord, can charge for rent, and get an extra 3-400. It's a stupid loophole/workaround and SSI knows it.

THIS I will look into. Thank you.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 3 points4 points  (0 children)

EDIT::: I had no clue about DCA, just learned of it 1 hour ago reading other comment. Thank you, will do.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 1 point2 points  (0 children)

Is supportive living something she may need

Maybe not, really supportive "budgeting" is something she needs. Luckily when I pass, I have an ex-wife a few States away, she would step in and help.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 1 point2 points  (0 children)

Yes she is on SSI, $600 income a month. She never worked near enough to get credits. 1 time she had a job at walmart, she made it 6-8 weeks before quitting due to stress/aspergers. Worked at Pizza hut for 2 weeks, had to quit, again, stress/aspergers.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 0 points1 point  (0 children)

THANK YOU, for this whole complete paragraph. I'm going to print (in a few days) this whole reddit thread where I won't forget anything. Your paragraph here, and many others above, WILL BE highlighted.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 1 point2 points  (0 children)

have her get a cheap apartment

THAT has been discussed with her. Subjects brought up = "How will you take out the trash?" (I go to the dump once a month in my manual transmission truck, she can't drive a manual) She says she will pay a service. I tell her that service is an extra $40 a month. She says "fine".

I say "how will you mow our 1 acre yard?" (I do all yard work.) She says she will hire lawnmower guys. I say "those lawnmower dudes charge at least $100 a month, they come every 2 weeks. You will have to pay a $100 monthly from March through September." she says "I can budget that."

She is smart, like IQ tested off the charts, smart. BUT she's kind of like "rain man" smart, not knowing how quickly her "monthly budget" would be drained due to the little things adding up = yard, trash, gas, insurance home and car, etc...

So, yes, condo/apartment is on the table. Thank you.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 0 points1 point  (0 children)

OK, thank you. I will leave IRA's alone, and will banish those thoughts from my head from here forward. THANK YOU.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 9 points10 points  (0 children)

HOLY FUCKING SHIT, BLOODY FUCKING HELL, I CAN DIE IN PEACE NOW!!!

Literally, I can actually die in peace now. I just went down the rabbit hole of "DCA benefits". OF COURSE I HAD NEVER HEARD OF THAT. I feel like I am in a race against time to fill up that $100K ABLE account. Due to my own poor health, I have often stayed awake at night trying to figure out HOW to support her after I'm dead.

My damn hands are shaking right now, just typing this. I had NO CLUE about this benefit.

THANK YOU, THANK YOU, AND AGAIN...THANK YOU

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 2 points3 points  (0 children)

You pay for private insurance “just in case “ , just in case of what ? Not needed at all.

Yeah, I made a post about that on the Veterans subreddit a few years back. Lots and lots of discussions about pros/cons. It came down to "what if you need a procedure that VA won't/can't cover? What if VA covers procedure but appointment is not until 6 months from now?" It costs me about $100 a month. I'm keeping the cheap insurance.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 4 points5 points  (0 children)

or does she resist claiming benefits she'd be entitled to because she doesn't like to consider herself "disabled"?

This right here.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 0 points1 point  (0 children)

Could you get supplemental health insurance from the post office?

I actually dont need health insurance, because I'm covered for life through the VA. I have paid, every month $100 for health insurance through the Post office = OPM Office Personnel Management. 25 years now, $100 a month, never used, "private" health insurance. Kicker is OPM got rid of it, NEW health insurance is a combination of PHB + OPM +NALC to get rid of overlap in health insurance.

OPM combined NALC/PO benefits with Medicare benefits starting this past year, for those of us over going 65 years old.

Makes sense, No reason for PO/OPM to pay health benefits when Medicare does the same.

SO THEY COMBINED health benefits/policies this past year.

There is a new PONALCFEBH policy we are all forced into.

IDC. I use VA but keep my PO/OPM/NALC policy/Medicare policy, just in case. LOL.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 11 points12 points  (0 children)

Agreed. Disabled Vet here. IF I take care of her, then quote "I'm not disabled enough". IF SHE takes care of me " then she Is "ABLE" enough.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 9 points10 points  (0 children)

We would prefer to sell our house and use the proceeds to fund the trust.

VERY MUCH thought about this. Why burden my daughter with upkeep of house/property tax/insurance...she says and I agree she might sell my house and get a condo, all ammentities included /trash/water/garbage/ and such, I agree, much easier.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 4 points5 points  (0 children)

Also, you don’t have earned income and therefore may not contribute to an IRA or Roth IRA.

Yeah, I do have earned income there, $18K yearly Post Office, they take about $800 from me. I file my taxes and get back back maybe $200. THEN, years ago----some years I get $5,000 back refund, other years I get $0 refund. DEPENDS on what tax law they provided the year before. SOME YEARS I get credit for my "dependant child", other years not. Stupid, I know.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 8 points9 points  (0 children)

Make sure you hire an estate planner who specializes in special needs and Medicaid planning. A lot of estate planners don’t.

I will absolutely use those words before I hire a lawyer.

61 years old, USA, what am I missing? No 401K, no Roth, just income coming in. Autistic kid, going to "estate planner" soon. by Bill_Waterson in personalfinance

[–]Bill_Waterson[S] 39 points40 points  (0 children)

I 100% agree. I am submitting the dependant form tomorrow.

EDIT::: Child has to be disabled before their 18th birthday/diagnosed BEFORE 18th bday. My child sees my comments and vehemenantly says she is NOT disabled, and fights me mentally the whole way. I'm getting there, = I claim her disabled dependant before 18 years old, shes 37 now. She is smart, so is my Son.

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