Are you on SSDI and coming into inheritance? Special Needs Trust: a must readPosted in Bipolar Disorder, Disability, Finances, Info, Lifestyle Changes, Living with HIV/AIDS, Mental Illness, Support By Stephen Puibello On March 3, 2015
Are you on Social Security Disability Insurance and coming into an inheritance? If so, then this is a must read.
Before I dive into Special Needs Trusts I want to talk a little about what got me here, for me it was a bipolar diagnosis. Untreated, life can be very difficult as you cope with mood swings, feelings of depression and despair and feelings of mania or manic, racing thoughts. It’s during the mania that if untreated you can go on spending sprees, and this can cause problems for family and for yourself when your family isn’t around, possible disowned you because you were gay, etc.
So here you are coping with your mental illness, you’ve lost your job, depressed, struggling to pay rent, feed yourself and you file for Social Security Disability Insurance. You apply, qualify and start receiving a monthly stipend which is determined by a formula, especially if you had been working as you pay into the program out of each check, hence the word insurance.
Life is starting to level out, you applied for housing, went on a wait list and moved in, you have health care, prescription drug coverage the basics to get you into medical treatment, take care of yourself, stay healthy.
If you weren’t disowned because you are gay, and have supportive parents talk to them about special needs trusts. You will thank me for writing about this, and also thank our government for enacting the law that protects persons with special needs, people who are handicapped, legally blind, living with mental illness, AIDS, etc.
What’s the importance here? Well, if your parent or parents pass away and they own assets, possibly a home or investments, all this makes up an estate and goes into their wills. If your folks leave you assets and you don’t have a Special Needs Trust in place, you will be forced to spend down all your inheritance so that you can re-qualify for your S.S.D.I. monthly benefits.
So please read up on Special Needs Trusts, discuss this with your folks. If you are anyone, a cousin, a neighbor, and you’ve read this today and know of someone with special needs who may be struggling financially, mention this to their pareno may be struggling financially. If your folks care that much, love you that much, they would want to take care of you when they are gone and that’s what a special needs trust does.
As a gay man living with HIV and in recovery from mental illness and addiction, my mission is to help others who struggle with these issues know that they are not alone and encourage them to speak out. If I can talk about it, so can you! I dual diagnosed HIV+ and Bipolar 1 in 1996. I write on many topics, financial, recovery, compound stigma, HIV and Bipolar, isolation, disability, some jokes, it's random. In addition to raising awareness I raise funds for both HIV and Rainbow Heights in Brooklyn. I ride subways and buses wearing T-shirts that read, "I'm Positive," "Bipolar," "Bipolar Bear with a bear claw on the shirt" I work part-time, live in public housing and celebrate my 56th birthday on 2/16. I'm thankful to be part of QMH and hope my posts are helpful in letting others, possible like myself know that they are not alone.
I happened upon your site while researching news articles on the SSDI solvency issue, and couldn’t pass on by without asking you to correct some misinformation in your article.
SSDI is not a means tested benefit, it is an earned benefit and does not require a spend-down of an inheritance to continue benefits. Please see the ssa.gov site for verification of such.
Supplemental Security Income (SSI disability) is a totally different program and is the means tested one. SSI would require a spend-down, but not SSDI.
Good luck to you, and kudos for your effort in trying to help others.
That is correct Seth, but what I’m talking about are the entitlements that come with being on SSI and or SSDI, that these are what the special needs trusts when put in place protects. So please be it SSI and or SSDI if you are bipolar, seek treatment, end up disabled look into Special Needs Trust.