US Government Information/conserved funds
i am my nephews payee who turns 18 the end of this month. i have saved over $30,000 dollars & being asked to return the saved funds.
he doesnt graduate til next yr & his monthly amt is $1050/mo. he lives with my sister who is an alcoholic & recoverying addict. when i received the lump sum i purchased a home in my name since he was a minor, paid cash. all of their monthly bills are in my name. please give me your professional opinion of how i should handle this new change????????????????????????
I think you will need to discuss this with a Social Security representative. Sometimes they will allow you to continue to manage the conserved funds if it is in the best interest of the child. If you return the money to Social Security, they will repay the money directly to your nephew. In addition, to that issue, your nephew will begin to receive his monthly check directly beginning with the month he reaches age 18 if he is still in high school. Otherwise, his benefits would terminate at age 18.
Sorry I cannot be more helpful.