What is a supplemental security income (SSI) trust?
A supplemental security income (SSI) trust is a legal arrangement recognized by the federal government that allows an individual with a disability to receive Social Security and Medicaid benefits without jeopardizing their eligibility for certain state or local benefits. SSI trusts are also known as “special needs trusts” and are used to manage assets and resources that an individual with a disability may receive from an inheritance, legal settlement, or other forms of income. In New Mexico, SSI trusts are managed according to the state’s disability planning laws. These laws set out the requirements and regulations for setting up and maintaining an SSI trust. Generally, the trust must have a trustee or trustee representative who is responsible for managing the trust assets and ensuring they are used only for the trust beneficiary’s benefit. The trust must also include language that specifies how the trust assets will be used and how the trust is to be managed in accordance with state and federal laws. The goal of SSI trusts is to provide financial security for individuals with disabilities so that they can maintain access to necessary medical care and other benefits. They also help to ensure that the trust beneficiary is not at risk of losing eligibility for Medicaid and other government benefits due to the income or resources received from the trust. In New Mexico, SSI trusts are an important tool in disability planning that can help to ensure individuals with disabilities are able to receive necessary medical and financial care.
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