Kentucky 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
Trusts considered to be qualified disability trusts are entitled to the same personal exemption allowed to all individual taxpayers when filing a tax return. The personal exemption in 2012 is $3,800.
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.
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.
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.
In order to set up a special needs trust, you need to consult with an attorney or have a family member consult with an attorney to get the logistics taken care of. The trust account must be set up before any funds can be distributed to you.
In order to set up a special needs trust, you need to consult with an attorney or have a family member consult with an attorney to get the logistics taken care of. The trust account must be set up before any funds can be distributed to you.
How to set up a special needs trustThink about your wishes for your loved one. This is one of the most important steps, as it determines how funds will be distributed.Choose trustees. A trustee will help manage, invest and disburse funds for your loved one, so choose wisely.Create your trust.Fund it.Invest your funds.