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HOW DOES A TRUST AFFECT MY SSI BENEFITS? If you use your assets to establish a trust on or after January 1, 2000, generally, the trust will count as your resource for SSI. In the case of a revocable trust, the whole trust is your resource.
A Special Needs Trust (SNT) provides a way for a person with a disability to receive financial support while remaining eligible for federal benefits such as Supplemental Security Income (SSI) and Medicaid.
At a minimum, the special needs trust would need $100,000, but that amount likely is way too low. You may need up to $1 million. Among the biggest expenses is housing. Living in a private group home may require the purchase of a condominium unit, which may cost as much as $300,000.
HOW DOES A TRUST AFFECT MY SSI BENEFITS? If you use your assets to establish a trust on or after January 1, 2000, generally, the trust will count as your resource for SSI. In the case of a revocable trust, the whole trust is your resource.
At a minimum, the special needs trust would need $100,000, but that amount likely is way too low. You may need up to $1 million. Among the biggest expenses is housing. Living in a private group home may require the purchase of a condominium unit, which may cost as much as $300,000.
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Disadvantages to SNT Cost. Annual fees and a high cost to set up a SNT can make it financially difficult to create a SNT \u2013 The yearly costs to manage the trust can be high. ... Lack of independence. ... Medicaid payback.
Disadvantages to SNT Cost. Annual fees and a high cost to set up a SNT can make it financially difficult to create a SNT \u2013 The yearly costs to manage the trust can be high. ... Lack of independence. ... Medicaid payback.
A Special Needs Trust is a trust established for the benefit of a person under age 65 who is disabled. A trust that meets the requirements of a Special Needs Trust is excluded as an asset for a person whose MA basis of eligibility is due to blindness or disability.
A \u201dsupplemental needs trust\u201d is a trust established and funded by a third party to provide for the supplemental needs of a person living with a disability while allowing such a person to remain eligible for Minnesota Health Care Programs (MHCP).
Assets placed in the SNT can be used for the benefit of the individuals with disabilities throughout their lifetime and can be used for a variety of items including health care not covered by benefits (like physical therapy); medical equipment; house cleaning; bus passes; and personal items like computer, vacation, ...

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