In today’s world, it can be difficult to keep your settlement money from Social Security. Many people receive Social Security benefits, such as Supplemental Security Income (SSI), and need to find ways to protect their settlement money from Social Security. Fortunately, there are several options available to help you keep your settlement money from Social Security.
One of the best options is to set up a special needs trust. This trust allows injured parties to keep settlement proceeds and keep their SSI benefits. The special needs trust can be used to cover services that are not covered by SSI programs such as transportation, nursing care, or therapies. This type of trust is also beneficial because it allows you to protect your settlement money from Social Security while still allowing you to receive the benefits you need.
Another option is to set up a trust with a third-party trustee. This type of trust allows you to place your settlement money in a trust that is managed by a third-party trustee. This trustee will manage the trust and ensure that the money is used for its intended purpose. This type of trust also allows you to keep your settlement money from Social Security while still receiving the benefits you need.
Finally, you can also set up a self-settled trust. This type of trust allows you to keep your settlement money from Social Security while still receiving the benefits you need. This type of trust is beneficial because it allows you to control how the money is used and ensure that it is used for its intended purpose.
No matter which option you choose, it is important to understand the rules and regulations that apply to each type of trust. It is also important to understand the tax implications of each type of trust. By understanding the rules and regulations, you can ensure that your settlement money is protected from Social Security and that you receive the benefits you need.
