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I have saved 20,000 out of my granddaughter suvivors

I have saved 20,000...

I have saved 20,000 out of my granddaughter suvivors benefits for college. can I give to her for college or will I have to return it

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

On the annual Payee report I have to fill out, I notice one part says any money saved has to be returned. She will turn 18 in dec so I will no longer be her representative payee. I think she will continue to get the benefits till she graduates in May. Both her parents are deceased. I have been her guardian si9nce she was 10 months old. She receives benefits from her dad.

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

I was under the impression that if I didn't use all the money received for her that I had to save it for her. I was able to take care of her mostly using my own money so I saved money every year in the form of 1000.00 bank CD's. I thought she could have it when she goes to college to help pay for college.

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Answered in 15 minutes by:
11/18/2017
SSA.Help4u.168
SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,753
Experience: Tax Accountant
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** am reading over your inquiry. I will respond to you shortly.

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According to the following information, you do have to return the funds, however, supposedly, the SSA will reissue those funds to your granddaughter. SEE BELOW:

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A. Policy

Generally, SSA learns of conserved funds when a payee submits an annual or final accounting report. When a payee, who has conserved funds for a beneficiary, stops serving as the payee, the payee generally must return those funds and interest earned thereon to SSA. SSA will reissue returned conserved funds to a successor payee or to the beneficiary directly if he or she no longer needs a payee.

SSA may permit a former payee to transfer conserved funds directly to a new payee or to a capable beneficiary rather than returning them to SSA if it serves the best interest of the beneficiary. SSA will allow such transfers on a case-by-case basis. For guidelines in determining when a direct transfer of conserved funds may be in the best interest of a beneficiary, see GN 00603.055C.

In exceptional circumstances, SSA may allow a former payee to continue managing conserved funds when the arrangement serves the best interest of the beneficiary. For information on a former payee continuing to manage conserved funds see “When a Former Payee May Administer Conserved Benefits” (GN 00603.130).

REFERENCE SOURCE:

https://secure.ssa.gov/poms.nsf/lnx/0200603055

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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,626
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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I will opt out after adding this piece so that you can rate the excellent answer above.

...

I've handled many of these cases, and many times the monty doesn't GET dispersed to the beneficiary.

...

The best practice is to go to Social Security (with the POMS section referenced above in hand - because many on the front lines don't know this) and state that you are administering to use for college.

...

Again the POMS manual is what will make them sit up and listen "SSA may permit a former payee to transfer conserved funds directly to a new payee or to a capable beneficiary rather than returning them to SSA if it serves the best interest of the beneficiary. SSA will allow such transfers on a case-by-case basis."

...

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Please take note of the piece of advice that my colleague provided. Thank you Lane. If you require further assistance, please let me know.

SSA.Help4u.168
SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,753
Experience: Tax Accountant
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