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ShawnA, SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS , Decades of experience helping clients..
Category: Social Security
Satisfied Customers: 2884
Experience:  SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience helping clients..
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Good Morning....our adult son was approved Security

Customer Question

Good Morning....our adult son was approved for Social Security Disability and has received his initial benefit along with his monthly benefits which began just last month. We opened a checking account in his name and mine....paid off some long overdue school loans that had been deferred for him again and again, and have tried to allow him to assume some responsibility for his account. That plan, however, is not working and my question to you is.....can his monthly benefit be directly deposited into my personal account rather than one that he and I set up jointly? He is 32 years old, has bipolar disorder, can not work, and just can not get a grip on handling his money. He lives with his Dad and me and for the past year, his meds have finally been adjusted so that we felt it was a good time to entrust him with something he could "own"....well, we're coming to know that even though I am the holder of his bank card, he has found that a trip to the bank teller allows him to make withdrawals without his card as long as he has his drivers license. I've spoken to the bank and although I am able to call and place a limit on his card, I can't limit what he withdraws with a teller on his own. So, my main question is this.....does he need to have his check deposited into an account bearing his name....or, may we close out this joint account and have his check deposited into my personal account allowing him to be able to hold onto his money until such a time that we feel he can handle it on his own? It is a worry and we have discussed this possibility with him and he is aware that I'm looking for an answer to help us all as we recognize that this is simply one area that our son just may never understand. We'd appreciate knowing if what I'm requesting will be agreeable for his future monthly benefit deposits. Thank you so very much for your consideration. C Tice
Submitted: 2 years ago.
Category: Social Security
Expert:  ShawnA replied 2 years ago.
SS checks will have to be on an account with his name. There are two solutions (I need more information) that I can share via telephone. I will send you an offer.
Expert:  ShawnA replied 2 years ago.
I see you rejected my telephone offer which is fine,. It will just take a bit longer. 1. Do you want him to have ANY access to ANY money?
Customer: replied 2 years ago.

Our concern is his having access to his our answer would be that we would prefer to be the ones to access his money on his behalf.

Expert:  ShawnA replied 2 years ago.
Here is solution number 1: Set up a "new "joint account.Switch cards with him so he only has the card for the new account.Only transfer a minimal amount into the account he has access to If this is okay please let me know. if not there are other options.
Expert:  ShawnA replied 2 years ago.
This is why I offer a telephone service. I believe it is much easier and faster
Expert:  ShawnA replied 2 years ago.

There are also several other options . As I have not heard back I assume the first suggestion is fine.

If you have other questions please ask now or later and I'll be happy to respond. I’ll be notified (even if I leave).
If not PLEASE rate this answer so I can be freed to help another person.
Even after you rate my response we can continue to chat here at no extra cost to you.
As I strive for quality vs. quantity, I find I can only handle a limited number of questions at a single time.