Wednesday, January 24, 2018

Special Needs Trusts Protect SSI

SSI
Family members often look after young and adult children living with disabilities, especially those born with special needs conditions. Parents who give birth to a child with Down’s syndrome or autism know that more will be required from them in practically every aspect of life, if their child is going to succeed. With that in mind, pointing out the obvious is helpful, nobody’s parents live forever; a reality not lost on the parents of special needs children.

The parents of special needs children have a burning question in their mind. Who will look after their offspring when they are gone? Naturally, there are several government programs in place that assist people with disabilities financially, such Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). Social Security Administration (SSA) programs can make all the difference for people unable to work for a living. Medicaid covers the costs of health bills.

It’s vital that parents plan wisely for when they are no longer around, the choices you make today could drastically impact the quality of your adult children’s lives in the future. A large number of parents need to consider life after death, given that over 40 million Americans had a disability in 2016, according to the U.S. Census Bureau. Some experts have offer guidance on the subject for said parents.

“We don't expect anybody else to do what we do for our child, so while we're still here, we want to try and have some peace of mind that everything will be OK,” the president of the Special Needs Alliance, Brian N. Rubin, tells USA Today.

Parents of Adult Children with Special Needs


Hopefully, other members of the family can oversee the care of an adult child with special needs after you are gone. They can help with making decisions that your son or daughter can’t make on their own. You may need another member of the family to act as trustee for a special needs trust.

If you are planning on leaving an adult child with special needs a financial inheritance, it’s critical that you do so wisely. In fact, how you go about it is of the utmost importance; incorrectly going about it can severely impact SSA benefits, according to USA Today. Attorney Jay Roberts, a special needs planning expert, points out that a person must have under $2,000 in assets to qualify for SSI. Having access to more than that could disqualify a person from government benefits program that covers substantial medical costs each year.

With the above information in mind, parents need to consider special needs, or supplemental needs, trusts, according to the article. A trust will allow parents to leave an inheritance without jeopardizing government benefits. There are also ABLE Accounts; a tax-advantaged savings account permitting up to $100,000. An ABLE Account will not impact government benefits.

“Those trusts will essentially protect any assets held for the benefit of the children,” Robert says.

SSDI and SSI Attorney


Attorney Stephanie Driscoll can assist you with applying and qualifying for disability benefits. If you or a loved one’s claim received a denial, we could help you appeal the decision. Please contact us today.

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