Are you the parent or guardian of a disabled adult? Did you know that in order to be eligible for social security benefits that person cannot have assets over $2 thousand? Did you know a special needs trust can provide protection while not making the individual ineligible? Check out a case out of Nebraska Federal Court challenging an ineligibility finding that was just filed April 17, 2015.
Social Security Benefits
- In the United States if you are disabled you are eligible for social security benefits, but if you have to much money you will be deemed ineligible.
- How much is “to much”? The answer might surprise you, a mere $2 thousand in a bank account could deem your disabled adult ineligible!
- Do you know how to ensure you can leave money to a disabled relative without deeming them ineligible?
Special Needs Trusts in South Florida
- A special needs trust is defined under federal law for tax purposes under 42 U.S.C. 1396p(d)(4)(A).
- In order to qualify the beneficiary of the trust has to be disabled as defined under 42 U.S.C. 1382c.
- April is autism awareness month and part of awareness is preparation. Are you prepared for the long term asset management of your disabled child in Pompano Beach?
- A Palm Beach special needs trust may be the perfect way to allow your child to inherit without becoming ineligible for important Federal benefits.
Ham ex. rel. Ham v. Colvin, D. Neb.
- The Social Security Administration determines who is and who is not eligible for social security but that decision can be reviewed in court.
- The plaintiff in this Nebraska case was deemed ineligible after the contents of his special needs trust was counted as a personal asset.
- The Court ultimately found that the Commissioner did not err in his determination and the man lost his social securtiy benefits. This was because the trust was drafted incorrectly. Are you sure that the lawyer who drafted your Boynton Beach special needs trust set it up correctly?
- Can he review this decision?
Full citation:
Ham ex rel. Ham v. Colvin, 4:14-CV-3065, 2015 WL 1754641, at *1 (D. Neb. 2015)