A growing number of people are struggling to make ends meet with social security payments as their only source of income. Often, there are family members that would like to help out but any monies they give can end up disqualifying the family member from social security assistance because of the the bare-minimum $2,000 rule. This is complicated further when many of these social security recipients are handicapped in some way and are therefore in special need of some extra help. That extra help – of course – is difficult for relatives or friends to offer so long as that $2,000 rule hangs over their heads.
To be fair, that $2,000 rule exists to stop abuse of the system and there is little question but that it does a good job of filtering out less-than-needful-folks from living off of government assistance – and therefore it saves you from forking out more taxes come April 15th each year. However, in some cases, the limitations of social security income causes significant hardship to SSI or SSDI recipients and the solution is not very well advertised. If you or a loved one struggles to have their needs met because of these limitations, a Special Needs Trust may be the perfect vehicle for you to help them enjoy a better standard of living and to live a fuller life.
For more information, call Drew.