my mother is 92 . I answered the phone and gave out too much information on her check. She is completely disabled and cannot talk. I went to her bank and changed her account numbers. She has automatic deposit, so I had to inform SS. by telephone. Her banker suggested that we set up two accounts, checking and savings. My sister and I would be on the savings [my mother is very ill] and the SS check would go in just the checking account and it would be in just my name [as her representative] and my mothers name. My sister was upset at the change. Originally we where all three on the account. The SS office said that there could only be two names. What is correct?
I realize you have a question about social security. My goal is to help you better understand your options.Hello Carol. Thank you for asking your quesiton. The answer to the question depends on whether you are the representative payee or if your mother's check is received directly in her own name. You are your mother's representative payee, if I understand correctly. That means the checks come to you for the benefit of your mother. Therefore, there are guidelines as to how the bank account must be titled. Here's the wording directly from the Social Security Web site:
To protect the beneficiary’s funds, the checking or savings accounts title must reflect the beneficiary’s ownership of the funds and your relationship as a fiduciary (financial agent). Neither the representative payee nor any other third party can have ownership interest in the account. The beneficiary must never have direct access to the account. Any account title (under state law) that shows beneficiary ownership of the account with you as fiduciary is acceptable. Do not use joint accounts. Here are two ways we recommend to title the accounts:
Tennessee CPA with a Masters of Accountancy from Ole Miss
Thank you for the bonus - I appreciate it. Please let me know if I Can be further assistance.
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I am so sorry to hear that. I hope everything goes okay with you and your sister. Let us know if you need anything else.