Guidelines For Securing SSI And Holding Bank Accounts

  • Added By :Elden Selvester
  • Category : Health Law
  • Article Id : 514
  • Added On : 17/08/2016
  • Views : 257

What is SSI?

Supplemental Security Income or generally abbreviated as SSI is the program run by the Government of USA that provides a fixed stipend to low income people who are either of the ages 65 and above, are blind or are disabled. This is a program that has been funded by the general tax revenues and helps those in need by providing them with basic needs for food, shelter and clothing. As any ssi attorney in Los Angeles will guide the applicant, there are various requirements to be kept in mind. Many people in the USA are not completely cognizant of the laws, and thus an ssi attorney comes in handy in making them aware of their rights. Some of these requirements include checking accounts, saving accounts, certificates of deposit, money market accounts, credit union and Christmas club.

What are the conditions of Joint and Individual Accounts?

The accounts can be held both individually as well as can be joint. The Social security Administration will examine the account when determining who will be having the access to it. The applicants can take the help of ssi attorney in los angeles to understand completely the difference between a joint and an individual account.

As told by the ssi attorney, a joint account is the one that has more than one person’s name on it and all the listed can withdraw from the account. Whereas on the other hand, an individual account will bear a single person’s name and only the individual is entitled to make withdrawals, the ssi attorney explains.

People ask ssi attorney in Los Angeles whether they can receive SSI benefits under the SSD program if they have joint account, the answer to the query is simple, they can but the money in the account belongs to the applicant and no one else. Same goes for the people who themselves don’t receive SSI but are having a joint account with a person receiving the SSI. The ssi attorney in Los Angeles clarify that the money in the account will be considered as belonging to the SSI recipient. Whereas if both the account holders receive SSI, then the money in the joint account held by both the parties is considered to be shared equally among them, unless shown otherwise. It is possible with the help of an attorney to show the SSA that the money does not belong to the recipient all or in part.

There are some special cases as the SSI attorney narrate, where a person might have money in an individual account, but might be holding it for someone else. The SSA then views this money as belonging to the beneficiary and if the benefits are being received for someone else as a representative payee or the money in the account is being held as a trustee then the account made must be titled appropriately to indicate these details.

Bank accounts affect the SSI benefits a great deal, and it is important for the applicants to know all about the details, the requirements and the conditions with the help of a legal expert.