Special Needs Trust Requirements For Ssi
Description
How to fill out Supplemental Needs Trust For Third Party - Disabled Beneficiary?
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FAQ
Hear this out loud PauseHOW DOES MONEY FROM A TRUST THAT IS NOT MY RESOURCE AFFECT MY SSI BENEFITS? Money paid directly to you from the trust reduces your SSI benefit. Money paid directly to someone to provide you with food or shelter reduces your SSI benefit but only up to a certain limit.
The Trustee simply transfers all assets to the beneficiary. Distribution is also fairly easy if the trust document identifies all assets and specific amounts to be paid to each beneficiary. Distributions by percentages are a little more complicated as the Trustee should first establish the estate's fair market value.
Social Security must be paid directly to the beneficiary. It cannot be paid to a trust. If you are receiving Social Security by direct deposit, you should leave the account that receives the payments outside of your trust.
Hear this out loud PauseIt cannot be paid to a trust. If you are receiving Social Security by direct deposit, you should leave the account that receives the payments outside of your trust.
Hear this out loud PauseThe trustee works in very close contact with the beneficiary and/or their caregiver to manage the trust and its financial distributions to pay for these things. The main takeaway regarding distribution of SNT funds is this: The beneficiary never sees the money directly, but the money is used to pay for their needs.