The Importance of a Special Needs Trust for SSI
Supplemental Security Income (SSI) benefits are a major part of millions of Americans’ lives, particularly those who have special needs. Qualifying for SSI benefits as a special needs recipient is much harder to accomplish than one may think, and part of that is making the financial cut set by the Social Security Administration. If you are attempting to qualify for SSI benefits or are trying to qualify a loved one, contact a West Palm Beach attorney before you begin filing any paperwork.
Qualifying for Supplemental Security Income
SSI is reserved only for those who meet a strict economic qualification. Monetary gifts, lawsuit awards, or inheritance or property left to the individual after the death of their parents can all strip away SSI. In fact, a recipient of SSI cannot have more than $2,000 in their possession, or $3,000 for a couple, according to the Social Security Administration (SSA).
How a Special Needs Trust Protects SSI benefits
B y setting up a Special Needs Trust, assets which exceed $2,000 in value are not counted against SSI benefits. There are a variety of Special Needs Trusts, and an attorney will help you decide which is the most applicable to you situation. For example, if the special-needs individual was hit by a car while crossing the street and receives a settlement, the money should be put in a Special Needs Trust in order for the recipient to continue to receive SSI benefits.
Call an West Palm Beach Special Needs Trust Attorney Today to Maximize Your Loved One’s Assets
Raising a special needs child is incredibly daunting and expensive. Those expenses do not stop when the child reaches adulthood. Thankfully, SSI benefits are available for medical costs, food, shelter, and other needs up to $753 for an individual or $1,103 for a couple. A Special Needs Trust guarantees that certain assets accrued by your loved one, including property left behind by you or another family member, does not negatively impact a disabled child’s SSI benefits. Contact the West Palm Beach attorneys at the Celeste Law Firm today for more information about how to secure a Special Needs Trust.