I know an old man who has been on disability since 1970 for a major head injury. He was in a car accident with his son reciently and was in ICU for two weeks. Unfortunatly altough he had an attorney he accepted a small settlement from the insurance company and I would like to advise him as to how he can keep that money safe from creditors and social security.
2007-08-09 17:48:03 · 4 answers · asked by amber 2 in Business & Finance ➔ Insurance
unless he is on MEDICAID, SS doesn't care about the money unless he is under retirement age. Then he must make sure it is not classified as earned income.
As far as creditors are concerned, If he has a judgment against him and they find it, they will go for it.
2007-08-10 02:54:52 · answer #1 · answered by Bill R 7 · 0⤊ 0⤋
He should go to a lawyer, I mean 9K you could pay off your creditors I don't see an issue unless they are like after him with collections. As far as social security is concerned there isnt' much there its a one time payment I don't think he would even be harassed by them. But he might have to report it on his income tax.. that is why I suggest a lawyer. (legal aid wont' take 40% it will be based on his normal income)
2007-08-09 17:52:13 · answer #2 · answered by Tapestry6 7 · 0⤊ 0⤋
OK, so this guy has you & me paying for his medical bills and living expenses, and he's incurring MORE bills, but doesn't want to pay for them, he wants you and ME to keep paying his bills?
Not only is that not fair, it's morally wrong. He needs to pay his bills to the best of his ability, before asking ME (welfare, social security, the taxpayer) to pay them for him.
2007-08-10 01:51:20 · answer #3 · answered by Anonymous 7 · 1⤊ 0⤋
You should advise him to talk to that same lawyer.
2007-08-10 02:39:06 · answer #4 · answered by aaron p 5 · 0⤊ 0⤋