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Have a question about trusts and SSI. Ny. Just a general…

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Have a question about trusts and SSI

Accountant's Assistant: What state is this in? It matters because laws vary by location.

Ny

Accountant's Assistant: What steps have been taken so far?

Just a general question

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I can tell a specific question

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Customer reply replied 5 months ago
what are the rules regarding irrevocable trusts and getting ssi?
Customer reply replied 4 months ago
to clarify: there was an irrevocable trust opened more than a decade ago in NY. the trustee deposited some money, but he is not the beneficiary. after a decade can he receive SSI, assuming that he does not have sufficient funds?
Answered in 15 hours by:
3/18/2018
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,270
Experience: Taxes, Immigration, Labor Relations
Verified

The look-back period is 5 years.

After five years from the time funds were transferred to the trust - that transaction is NOT reported on SSI application and would not affect the SSI eligibility.

Let me know if you need any clarification this matter.

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Customer reply replied 4 months ago
Thank you. Two clarifying questions: 1. Can you refer me to a specific article that specifies that. 2. If there were additional money deposited by the trustee within 5 years they will have to be reported right?

Actually - for SSA lookback period is 36 months for gifting

https://www.ssa.gov/ssi/spotlights/spot-transfer-resources.htm

and 60 months for transfers to the tust

https://secure.ssa.gov/poms.nsf/lnx/0501730046

  • irrevocable trust established by the individual (see
    SI 01730.048B.2.) other than by will on or after a look back date which is 60 months before the dates specified above for institutionalized and noninstitutionalized individuals, if payments are made from the trust to someone other than the individual.

and - yes - all transfers within 60 months before application is filed must be listed on application.

lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,270
Experience: Taxes, Immigration, Labor Relations
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lev-tax and 87 other Social Security Specialists are ready to help you
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Customer reply replied 4 months ago
Thank you very much - last question. If a recipient of SSI lives in a coop apartment, is there any way to protect it through a trust? Say make it a part of an irrevocable trust? Or this can't be done? Last question - thank you

Yes - as any other assets - the ownership interest in the coop apartment may be transferred to the irrevocable trust - or gifted to another relative/person.

Same look-back rules will be applied.

However - if the dwelling is used as a primary residence - it is NOT a countable asset and will not disqualify from SSI eligibility.

But that asset may be considered to cover Medicaid expenses after the person dies.

Another option to protect from Medicaid - if other close relatives are using the dwelling as their primary residence - and taking the property away will affect these relatives.

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