QUESTION
How do I protect adult disabled saving
Asked on Aug 23rd, 2020 on Social Security Disability - Florida
More details to this question:
Furloughed from job want to apply Ssdi but have savingsthat was s planNed for his future. It is in his name and savings from his earnings. Can he gift it to mother, set up able acct, or? H Ow can I legally transfer it so wont be considered asset when applying for SSDI, put it in irrevocable trust that as opened 7 yrs ago.
2 ANSWERS
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Hi, I would contact a local SSDI attorney and see if they handle cases like this.
Scott Bocchio
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Legal Rights Advocates
Answered on Nov 10th, 2020 at 9:44 AM
2 Awards
SSDI is not needs-based. It is based on work record and disability.
However, if the amount of SSDI is less than the amount of SSI for a given year ($783/month in 2020 with some states adding a little more), an amount of SSI needed to bring it up to this amount will be added. SSI is needs based, with a limit on income and countable resources. The latter is $2,000. If the resources exceed this and the person is under 65, they can be transferred to a special needs trust. Please note that there is a 36 month lookback period: funds transferred within 36 months before applying in order to qualify will result in a penalty.
Please also note that being furloughed from work does not indicate a disability qualifying someone for either SSDI or SSI.
Answered on Aug 24th, 2020 at 5:14 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.