What and how can we set up some kind of account so that my disabled daughter won't lose her SSI due to an njury settlement?
Question Details: My daughter is 36 years old and has a learning disability. She is currently on SSI ut was in an accident and got paid.
Your daughter's personal injury settlement will likely push her assets over the limit for SSI. Therefore, she must either spend the money down to the limit or place the money is a special kind of trust. The money can be placed in a special needs trust and used for things that SSI and Medicaid will not pay. If it is a small sum, you might consider placing it in a pooled trust.
A lawyer is required to prepare a special needs trust and should be consulted before placing the funds in a pooled trust.
The settlement funds are counted as assets to your daughter when they are paid to her. If you do not spend the money or place the funds in a special trust by the end of the month of receipt, she will be removed from SSI and Medicaid until her assets again fall to the eligibility limit.
Your daugher's personal injury attorney should be able to refer you to a trust attorney who can advise and prepare the necessary trust.
