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Estate Planning

Understanding Supplemental Social Security

March 26, 2015 Dennis Astill Leave a comment

If you are a senior citizen, blind or disabled, you may be entitled to receive Supplemental Social Security (SSI) benefits. Effective January 1, 2015, the maximum amount of federal SSI is $733 per month per eligible person and $1100 per month per eligible couple.

The Social Security Administration administers the SSI program. Eligibility to receive SSI benefits is based upon your financial need. In other words, even if you do not qualify for Social Security retirement benefits, you may still qualify for SSI. However, the eligibility requirements for SSI are still strict and can be difficult to be met. Most states supplement the federal SSI benefits with benefits of their own.

The general eligibility requirements for SSI are:

  • You must be at least 65 years of age, blind, or disabled
  • You must be a United States citizen or a long-term resident that can meet certain strict requirements
  • Your monthly income must be less than the minimum threshold amount established by your state
  • You must own less than $2,000 in property and assets (or $3,000 for a couple), with certain items being excluded in determining your eligibility

It is important to understand that most trusts you may create to hold your assets will be considered available to you for the purposes of determining your eligibility for SSI. However, if somebody else created a trust and named you as the beneficiary of it, the assets of that trust will not be considered in determining your SSI eligibility. You should also be aware that there are two “safe harbor” types of trusts that you can create that will not be considered for the purposes of determining whether you are eligible for SSI benefits. To learn more about these trusts – the supplemental need trust and pooled trust – contact us today.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

 

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Dennis M. Astill PC Law Firm
7730 S Union Park Ave - Ste 130
Sandy, UT 84047
Phone: 801-438-8698
Email: [email protected]

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