Pandemic Payments Now Won’t Affect SSI Benefits or Eligibility at All
Pandemic-related financial assistance will no longer affect an individual?s eligibility for Supplemental Security Income (...
Read moreIncome paid from a special needs trust to a beneficiary will reduce SSI benefits by one dollar for every dollar paid to him or her directly. In addition, payments by the trust to the beneficiary for food or housing are considered "in kind" income and, again, the SSI benefit will be cut by one dollar for every dollar of value of such "in kind" income. Some attorneys draft the trusts to limit the trustee's discretion to make such payments. Others do not limit the trustee's discretion, but instead counsel the trustee on how the trust funds may be spent, permitting more flexibility for unforeseen events or changes in circumstances in the future. The difference has to do with philosophy, the situation of the client, and the amount of money in the trust.
Local Special Needs Planners in Your City
Pandemic-related financial assistance will no longer affect an individual?s eligibility for Supplemental Security Income (...
Read moreSupplemental Security Income (SSI) recipients must adhere to very strict rules regarding how much income they can receive in...
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When an SSI beneficiary loses his government assistance, how do you cash out his special needs trust?
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When serving as the trustee of a special needs trust, it is crucial to be careful when making distributions for the benefi...
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