Can The Bulletproof Trust Act As A Special Needs Trust To Protect My Settlement and Keep Me Eligible For SSI

Can The Bulletproof Trust Act As A Special Needs Trust To Protect My Settlement and Keep Me Eligible For SSI

Special needs trusts, also known as supplemental needs trusts, are irrevocable trusts established for the benefit of physically or mentally disabled individuals. Special needs trusts protect the assets of disabled adults while maintaining their eligibility for governmental support. If a disabled adult holds more than $2,000 in assets, he or she will not qualify for the Social Security Administration's Supplemental Security Income Benefits (SSI). Special needs trusts thus ensure that disabled individuals will remain eligible for governmental benefits, regardless of the actual value of their total assets. This trust is often recommended by attorneys to their clients that have just won a settlement in a lawsuit. Unfortunately, the Bulletproof Trust may not be modified to qualify as a Special Needs Trust because this would require citing a few statutory laws. This would negate the protections of the Express Trust Organization, making the trust a statutory grantor trust.

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