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QUESTION:
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Recieving trust fund on SSI benefits | | My Father just died and left me a trust fund, How much can I recieve monthley without affecting my Social Security Benefits? |  | asked by Gerry, 9/26/2010 |
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Categories:
Medicare Supplemental Insurance, Social Security, Medicare, Medicaid, Financial Advisors, Late Stage Retirement
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| ANSWERS: | | Answered by: Jason B, 10/04/10
Overall Rating:   | If your "resources", meaning your total assets in cash, property, and goods, exceeds $2,000 per person, then you will no longer qualify for SSI, even if you do not draw any of the money out of the trust fund. As such, you should consult with the Social Security Administration to determine how best to proceed. www.ssa.gov Login to rate this answer: | | Answered by: Joe Whitehouse, 11/12/10
Overall Rating: Be the first to rate it. | No, you should not consult with Social Security.
You SHOULD consult with an attorney to see if it is worthwhile for you to establish a Special Needs Trust whereby Social Security may exclude the assets you receive from the trust and keep your SSI benefits intact.
Although there is not room here to discuss such a trust in detail, as with anything else there will be upsides and also downsides to a Special Needs Trust. But before you let Social Security terminate your SSI benefits because of the trust I suggest you get an opinion from an attorney familiar with Special Needs Trusts. Login to rate this answer: |
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