How Do I Handle Large Sums of Money ( for example, if a beneficiary receives a large retroactive payment covering several months, or even years, of benefits)?
The main thing to keep in mind is that the money must be used in the best interests of the beneficiary. Your first priority is to make sure the beneficiary’s current needs are met as this includes food, shelter, medical care and other items for his/her comfort. If money is left over after providing for those needs, you could spend the money on things that would improve the beneficiary’s daily living conditions or provide better medical care. You may also use left over money to satisfy the beneficiary’s debts. However, SSA approval is required when the payee is also a creditor. It is important that you spend the money wisely and in the beneficiary’s best interest. Save any remaining funds on behalf of the beneficiary. If the beneficiary receives SSI, he/she cannot have more than $2000 ($3000 for a couple) in countable resources. The back payment must be spent within 9 months so that his/her total resources are below $2000 ($3000 for a couple). If you don’t spend the money within 9 month
Related Questions
- How Do I Handle Large Sums of Money ( for example, if a beneficiary receives a large retroactive payment covering several months, or even years, of benefits)?
- It has been less then 4 full business days since I submitted the payment and the beneficiary has not received the money?
- Don’t people who earn large sums of money experience the same thing?
