We all have money in trust fund accounts that we want to save for situations where we would fall in desperate need of cash. The best part about this type of held cash is that no creditor can touch it. If you are having problems with your credit card or any other payments, you can go ahead and get a small part of your salary taken away and deducted each time till you end up paying your debt to the creditor; but thankfully for all the trust fund cash holders, this is not the case. Even if the creditor gets a court order, the money is beyond their access because it’s held in trust.
Social security is the fund!
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Even financial institution are incapable of getting hands on your trust funds unlike your wages and other accounts. There is a catch though; how could there not be? There is this one entity that can come in and swoop away all your benefits. Yes, you guessed it right; it’s the federal government. Courtesy of the debt collection improvement act, the government has got complete authority of taking away parts of your social security pertaining to any loans you might have taken. This is not something that just exists on paper as a government authority; there have been cases where this has actually happened.
All in all, this is something that should be given attention by the government as such trust funds are meant to be expanded by them and not scooped away.
