What kind of advice do we need? Disability and finance

Post date: 2020-12-03 09:05:02
Views: 9
A relative is very ill and will be unable to work for an unspecified period, possibly permanently. We need expert advice but I'm not sure what kind.

The relative is in their forties, single with a child, has no money and has student loans. They are currently on long-term disability from their job, but they will be let go from their job in coming months since they've been ill most of the year and the job is such that it just can't be left empty any longer. The relative is staying with friends but will need to move in January or February. They must stay in Minnesota to continue to access insurance through MNCare.

Basically, we need to figure out how best to guarantee their long-term financial stability. Their parents are retired fairly comfortably and will, with luck, leave a modest middle class estate (house, small amount of investments) but this is not a family with pots of money sitting around.

It seems clear that the relative will need to live with family for a long time or permanently. No family is currently housed in Minnesota in such a way that the relative can live with them, so family is looking into renting a larger apartment, maybe co-signing loans with the parents to buy a house to share, etc etc. Because there are not pots of money sitting around, we really need to game out the best thing to do in case we do need to support the relative and the child permanently.

What kinds of advisors do we need? How can we find specific ones? (We have a good lead on someone who can tell us about literally *getting on disability*, so it's more "how best to manage money and how do larger family finances relate to this?)

In particular, I am looking for advice about finance and disability. I know there are specialized websites, advisors and discussion boards but I can't seem to find anything really good.
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