When my husband I decided to start a business, we didn't think about the legal aspects of doing so. We didn't realize that purchasing business insurance, getting building permits and making investments all required some type of legal advice. But after speaking to a close friend, who also happens to own a small business, we contacted a business attorney. Now, we have the legal smarts to make the best decisions for our business, as well as the legal representation in case something happens to our company. I hope that you find my blog helpful and informative for your own business. It's a great resource for finding the legal advice, resources and guidance you need to get your company up and running.
Receiving SSI benefits is one of the best ways to have financial security when you are disabled, but the money can stop for numerous reasons. For instance, if you suddenly gain possession of a large amount of money, it is possible for your SSI benefits to be stopped. If you are in a position in which a large settlement from a personal injury was received while you are disabled, hiring a trust attorney should be considered, if you don't want your SSI benefits to stop. The attorney will be able to set up a Special Needs Trust for the settlement money. Below, you will learn about putting personal injury settlement money into a Special Needs Trust with assistance from an attorney.
Get Help from a Trust Attorney
When you are ready to open a Special Needs Trust, your first step should be speaking to an attorney to make sure all goes well. He or she will provide important information about the trust, such as the type of rules that must be followed. Keep in mind that the attorney will also ask questions about the amount of money and type of settlement you received. It is wise to be completely honest, as it will help the attorney set up the trust in a manner that doesn't make it seem like you are trying to scam the Social Security Administration (SSA).
Ensure the Social Security Administration is Informed
An important step that must be done when you set up a Special Needs Trust is for the SSA to be informed. Having the trust in place without the SSA knowing about it can lead to trouble. For instance, if the SSA happens to find out about the trust on their own, your SSI benefits might stop and you can be required to pay back a portion of the benefits. An attorney will inform the SSA on your behalf and provide details about the settlement money, as well as inform the SSA in regards to why the trust is legal.
Don't Secretly Keep Any of the Settlement Money
You must make sure that every penny of the personal injury settlement money is put into the Special Needs Trust. If you secretly keep even a small amount of the money, your SSI benefits could be cut off if the SSA finds out. Even if a substantial amount of time passes by before the SSA finds out that you kept some of the money out of the trust, you can lose access to SSI benefits.
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