Ask Larry

Can I Deposit Money From A Settlement In My Mother's Bank Account To Avoid Losing My SSI?

I'm on ssi and going to receive a setttlement over $2000, can i deposit it in my mothers bank acct to hold for me? To not affect my monthly check?

Hi,

No, that would essentially amount to concealing a resource, which is fraudulent. Your best bet is probably simply to be honest with Social Security and allow your SSI (Supplemental Security Income) payments to stop until such time as your assets drop below the $2,000 limit, but there may be other options. You may want to do some research on Social Security's website (https://www.ssa.gov/ssi/spotlights/spot-transfer-resources.htm), or discuss your options with an SSI specialist at Social Security.

Best, Jerry

Posted: 
Sep 2 2017 - 5:29am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.