When a beneficiary wishes to purchase home from his/her settlement proceeds that are placed into a First Party Special Needs Trust with CPT, CPT, as Trustee must consider the following:
A thorough analysis of the budget and additional factors must be considered before a home purchase is approved. Why? As a Trustee, CPT has the responsibility to administer the trust in such a manner that preserves and maximizes the beneficiary’s eligibility for public benefits. If not, CPT, as Trustee will be in breach of its fiduciary duty.
There are some items the Social Security Administration (SSA) considers exempt resources/assets. You are probably wondering, “What does that mean.” Such items are not counted against the $2,000 asset limit for individuals and the $3,000 asset limit for couples, are not counted in determining eligibility, and if a beneficiary has such items will not jeopardize his/her Supplemental Security Income SSI benefits.
What is IHSS?
In Home Supportive Services, or also known as IHSSS, is a program that is a statewide program in California that is overseen by each county under the direction and administration of the California Department of Social Services. IHSS provides specific services for eligible individuals who are over the age of 65, blind, or disabled. This specific program is funded by federal, state, and county dollars.
William E. Lindahl, MBA, CLPF