New York Living Trust with Provisions for Disability
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How to fill out Living Trust With Provisions For Disability?
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FAQ
Unlike SSI, there are no income or asset limits for SSDI eligibility. Instead, to qualify for SSDI, enrollees must have a sufficient work history (generally, 40 quarters) and meet the strict federal disability rules. SSA uses the same rules to determine disability for both the SSI and the SSDI programs.
A special needs trust can keep a person eligible for government benefits, such as Medicaid and SSI, while also paying for services in addition to what the government offers. The funds used to create a special needs trust are tax deductible.
The SSDI program does not limit the amount of cash, assets, or resources an applicant owns. An SSDI applicant can own two houses, five cars, and have $1,000,000 in the bank. And the SSDI program doesn't have a limit to the amount of unearned income someone can bring in; for instance, dividends from investments.
The first $20 of income received each month is not counted. In addition, with respect to earned income, the first $65 each month is not counted, and one-half of the earnings over $65 in any given month is not counted.
SSDI is not a needs-based benefit. If you are on that program for two years, you will also qualify for Medicare. Because SSDI is not needs-based, a special needs trust is not necessary to qualify for it.
With a supplemental needs trust, New York families and guardians can create a financial safe haven for a person with special needs without leaving that person ineligible for SSI and Medicaid benefits. In fact, the first supplemental needs trust was in created in New York in 1978.
A special needs trust (SNT) is a trust that will preserve the beneficiary's eligibility for needs-based government benefits such as Medicaid and Supplemental Security Income (SSI). Because the beneficiary does not own the assets in the trust, he or she can remain eligible for benefit programs that have an asset limit.
Some of the benefits of utilizing an SNT include asset management and maximizing and maintaining government benefits (including Medicaid and Supplemental Security Income). Some possible negatives of utilizing an SNT include lack of control and difficulty or inability to identify an appropriate Trustee.
A Special Disability Trust (SDT) is a special type of trust that allows parents and immediate family members to plan for current and future needs of a person with severe disability. The trust can pay for reasonable care, accommodation and other discretionary needs of the beneficiary during their lifetime.
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.