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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12452
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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My husband has been on permanent disability. s uncle wanted

Customer Question

My husband has been on permanent disability for life. His uncle wanted before death give him a large sum in a certificate of deposits he gets 845 a month my husband, can he securely put this certificate in his name without any consequences to his social security disability, and also garnishment and judgments from previous owned home that was auctioned in New Jersey two years ago. His name was evidently only put on a second mortgage only. He really needs this money for future health bills and living with such a little amount from ssdi. Please HELP to give me the right answer this is going to be his retirement help our without me which I am not able to work due to he is getting worse. And secure him if he ever is alone or i die or not get another job.
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.

Hi,

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Is your father on SSDI? or SSI?

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SSDI is the Social Security Disability Insurance that one gets becasue they (1) worked long enough to have a disability benefit based on their own wrk record and (2) meet Social Security's definition of disability.

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SSI is Supplemental Security Income whichis for the disabled that have essentially no income and assets, and very possibly never worked, or didn't work long enough to have an SSDI benefit

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If he is on SSDI, the additional money in his name will not affect his benefits at all, SSDI is not, what's called, a means tested program.

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If he is on SSI, which IS a means tested program, this money would most definitely affect the benefit, cery possibly eliminate it for the time that this money would replace it.

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HOWEVER, if this money IS coming from someone else, there IS a solution (if SSI iswhat he's on) It's called a Special Needs Trust (sumetimes called a Supplemnental Needs Trust)

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let me know which benefit he's on and we can go from there

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Lane

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I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986