Thanks for the fast response. I'll call the bank today.
Tiffany
Tzoya,
In the past you have mentioned that the amount of money a child has in his or her name when they are 13 can affect their qualification for SSDI when they are older. My 10 year old son has a 529 plan in his name, and we feel that it would be better to move it to his brother's name. Do you have any idea how I go about doing this? Thanks in advance for your assistance with this.
Tiffany
Don't know how to do it, but I KNOW that you must. Talk to the bank. We never put a single dime into our son's name, even before we knew he had a disability, because any money in a child's name goes into the pot when financial aid is figured when they go to college. Best for them to "own" no more than 00. So that sort of plan will reduce the amount of financial aid your other son can get, too.I just wanted to BUMP this....Hi there
I wanted to put some money away for Devin, So what i did is start a savings account for ME with Devin as the beneficary( not spelled right
Its not a trust or anything like that so it won't effect his social security, because its in my name alone. I can withdraw some anytime he needs it
It works for us
DON'T MAKE YOUR CHILD THE BENEFICIARY. Not of your bank accounts or your life insurance. When you die, that money he inherits will be taken out of his SSI, should he get SSI at age 18 and older. What parents NEED to establish is a special needs trust. In your will, you leave your assets to the special needs trust. The trustee uses the money for the disabled child's benefit. States are pretty good at keeping fraud in this area to a minimum. Speak to an elder lawyer about this. Special needs trusts are their area of expertise. About 5 years ago, my husband and I got both our wills written and a special needs trust established for about 00, as I remember. Any other scheme will jeopardize your child's benefits as an adult. The rule about money is so that your child can access Social Security disability. And MEdicaid Waiver services when he is an adult (18). If he is high functioning enough so that he would not qualify (IQ below 60 or Vineland below 70), then it probably doesn't matter. HOwever, for anyone who believes their child WILL qualify for Social Security Disabiltiy, even for a short time after age 18, ANY money over ,000, whether in a bank account, stocks, cash or a possible inheritance, will count against getting those benefits. Also, getting adult services through your state (for people with disabilities who do not qualify for the developmentally disabled services that have IQ/Vineland limits), those services vary by state and most cost based on a sliding scale. The less money the adult with a disability has in his own name, the less he pays. Job coaching, travel training (including adaptive driver's ed), help with college transition, etc. are some of the services that some states offer. You should have your son's school put you in touch with the disability transition coordinator at the state level and you can investigate.What is the best thing to do for J? He is 14 and has stock in his name and a 529. It doesn't add up to a lot, maybe ,000. He is also named in my parents' will. I think he will probably go to college or technical school. I think he will be able to live independently and I want to leave him my house to live in. But what if I'm wrong? Would the same advice apply for a HF child with autism? I don't know if my 4 year old son will apply for SSI at age 18. I plan to meet with a lawyer this year to discuss whether a special needs trust would be appropriate. We have been contributing to 529's, and the rules seem pretty liberal. Would it be a problem to wait a little longer and see? I'd consult with a lawyer who specializes in special needs -- typically a geriatric lawyer. You might be able to switch it to a special needs trust for your ASD boy. I've heard that parents who can show that the child for whom the 529 was established is not likely to go to college can do this. It may vary from state to state, though, so I'd get professional advice. It IS true that a child who is eligible for SSI cannot have more than ,000 in his own name (with a 5 year look-back, so that money has to be out by age 13, no later). Also, make sure you have a will and that that will specifies that any inheritance that goes to your ASD son doesn't go to him, directly, but goes into a special needs trust. We never know when we may "go," so get that will NOW. By doing so, you can include questions about the 529.Tzoya---Thanks. J has a higher IQ and Vineyland than what you mention, so I guess I will stick with my original plan---trying to make sure that he inherits enough so that if the kind of job he can do doesn't pay very much, he will at least have a "cushion."