Special Needs Trust Supplemental For Ssi
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
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.
Those who are seeking benefits and have a trust must be aware of the kind of trust they have as it could affect their ability to get SSI. Money that is not the applicant's resource can also affect SSI. Any money paid directly to a SSI claimant will reduce their SSI.
HOW 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.
A special needs trust, also known as a supplemental needs trust, is a type of irrevocable trust that can provide benefits to minors and physically or mentally challenged individuals.
The 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.