US Government Information/conserved funds

Advertisement


Question
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????????????????????????

Answer
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.

US Government Information

All Answers


Answers by Expert:


Ask Experts

Volunteer


Darlene Oldendick

Expertise

Social Security retirement planning and all questions about Social Security eligibility and entitlement.

Experience

Worked for the Social Security Administration for 33 years

Publications
http://www.socialsecurityadviceonline.com

Education/Credentials
33 years employment with the Social Security Administration

Awards and Honors
Many outstanding performance awards while employed at the Social Security Administration

©2016 About.com. All rights reserved.