Special Needs Trust Violations For Someone Over 65
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
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.
Funds held in a properly drafted special needs trust (SNT) will not affect a Supplemental Security Income (SSI) or Medicaid recipient's benefits. However, funds disbursed in a manner that violates SSI or Medicaid rules can impact these benefits.
Unlike individual special needs trusts, which may be created only for those under age 65, pooled trusts may be for beneficiaries of any age and may be created by the beneficiary his- or herself.
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.
The SSA will usually count the assets in a trust against a person when deciding SSI eligibility. For example, all of the assets in a revocable trust would be counted against you. In an irrevocable trust, the portion of the trust that could be used to make payments to you would be counted against you.