Step 1 (Supplemental Security Income - SSI) & Step 4 (Bank Accounts)

Описание: There are three types of bank accounts that you can look into that will not affect your child's eligibility for government benefits.

1st is an ABLE savings account, also known as a 529 A account.
Your bank should have this information for you to be able to sign up and start saving money. Social Security Administration will not count the funds in the ABLE account as an asset of your child, up to $100,000.00. This the link for the Texas ABLE program https://www.texasable.org/
A benefit to this type of savings account is the tax-free growth you can enjoy.

2nd is a Representative Payee or Rep Payee account. When your child qualifies for SSI and Medicaid, he will receive $783/month and Medicaid insurance. If the SSI award letter to your child has an award amount less than $783, let me know. During the application and interview process try to acknowledge that your child will pay you his fair share of rent out of his SSI. You may have to submit a Room and Board or Fair Share Agreement in writing with your child to Social Security (see attached). This is an agreement that tour child will pay you his fair share of rent and household expenses. (calculate by adding the amount of mortgage, HOA, Insurance, household expenses together and then divide by the number of people in the house or the number of bedrooms). This is typically around $500-$600. Every month you will have funds in the Rep Payee checking account, after paying yourself rent, that can be used for food and clothing. I attached a document with a list of qualified expenses. The rent check made out to you two is considered income on your federal taxes; however, your accountant can prepare your taxes to address household repairs and other expenses so that your new "income" is reduced by the household repairs and expenses resulting in no profit.

You would set this account up with your bank after you are designated as Rep Payee. Here is a link for SSI - remember, you will apply online for SSDI and answer yes when you are asked if you want to apply for SSI too. https://www.ssa.gov/benefits/ssi/
Your child's application for SSDI will be rejected, but the SSI application will continue to be processed.

Don't forget, when your child gets Medicaid, if you cover your child on your employer-provided health insurance, you may qualify for a monthly reimbursement check for your premium payment. Here is a link for further information https://hhs.texas.gov/services/financ...

3rd is a Trust checking account for the Third Party Supplemental Needs Trust (SNT). In order to not interfere with your child's eligibility for SSI and Medicaid, you should consider having a Supplemental Needs Trust Agreement drawn up by an attorney. Upon creating the Trust, you will obtain a Taxpayer ID Number from the IRS for the trust. You two would be both the Grantors of the Trust and the initial Trustees. You can fund the Trust with cash, real property, vehicles, etc. You would list the your child’s Third Party Supplemental Needs Trust as one of your designated beneficiaries on your life insurance, retirement accounts, investment accounts, and in your Wills. If you do not have an SNT yet, we can help you with that. When you are ready for new or updated Wills, we can help with your Estate Planning too.
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0:00 Intro
0:11 I'm Leona Filis at Filis Law Firm we focus on children with special needs
0:26 Three types of Bank accounts that won't affect the SSI benefits
0:38 One Bank Account to Consider is an Able Account also Known as a 529 A account
0:48 The second Account is called a Representative Payee Account
1:01 The Thrid Account is Supplemental Needs Trust (SNT)
1:25 One of the perks of having an Able Account
1:56 SSI Rep Payee Account
2:30 One way to protect your child's assets through a third party is an (SNT)
3:22 Outro Please don't forget to like and subscribe