What is a supplemental security income (SSI) trust?
A supplemental security income (SSI) trust is a legal arrangement that allows individuals with disabilities in North Carolina to maintain their eligibility for Supplemental Security Income (SSI) while retaining control of the assets placed in the trust. These trusts are used to make sure that people with disabilities have access to income and resources without risking their SSI eligibility. In North Carolina, a Supplemental Security Income (SSI) trust can be set up with the help of a lawyer or a qualified financial planner. The trust can be created for an individual or a family. Once created, any income the individual or family member earns is deposited into the trust. The money in the trust is then used to pay for the individual or family’s expenses, such as medical bills, housing, food, or other needs. The person or family member placing the funds in the trust must be aware of the rules set by the Social Security Administration (SSA). The SSA does not consider the money in the trust as available assets, so the person or family will still be eligible for SSI benefits. Any interest or money earned by the trust also does not count as available assets to the SSA. The funds placed in the trust must be used for the benefit of the individual or family and not used for any type of financial gain for the trustmaker. These trusts must also be carefully managed in order to remain in compliance with the SSA’s rules and regulations. Failure to do so could result in the trustmaker losing their SSI benefits.
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