What is a supplemental security income (SSI) trust?
A supplemental security income (SSI) trust is a type of trust that can be created in Pennsylvania to provide for an individual with a disability. An SSI trust is a type of trust that allows an individual with a disability to receive Social Security benefits without losing their eligibility for Supplemental Security Income (SSI). The trust funds are held in the trust for the benefit of the individual with a disability, but not for their own use. In order for the trust to qualify as an SSI trust, it must meet certain criteria. First, the trust must be established to benefit the individual with a disability. Secondly, the trust must be irrevocable, meaning that it cannot be changed or terminated without the permission of a court. In addition, the trust must provide that any funds not disbursed to the individual with a disability must be used for their benefit. Finally, the trust must be managed by a trustee who is not the individual and is independent of the individual with a disability. By establishing an SSI trust, an individual with a disability can receive Social Security benefits while maintaining eligibility for SSI. This type of trust also allows the individual to have their needs met without having to rely on family or others for assistance. Additionally, the trust may also provide for the individual’s future needs such as education or medical expenses. Finally, the trust also protects the individual’s assets from being used to pay for their medical expenses or other unanticipated costs.
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