Currently I receive SSDI and was informed today durning at my childrens application appointment that they will receive SSDI benefits. I was instructed to have there monies direct deposited into there individual accounts. I did as suggested by SSA representative and linked the individual SSDI payments to my kids accounts. I would like to invest the money for them so they can use it later on in life. Is it possible to buy stocks, bonds, real estate or invest in 529? I read the post regarding 529 and do not completely understand by what is meant by the accounts may have to be cashed out and returned to SSA and then SSA reissue to 18 year old child/and or high school graduate.
If this is the case it would make more sense to spend the money on qualifying purchases. Then start another savings account and put the same amount in it so that one would not have limitations. If a child receives this benefit are there limitations on what investment assets they can own or on how much they can earn? As long as the disabled parent is considered disabled and is collecting SSDI will the children collect the benefit? Outside of misappropriating the child’s benefit is there a way the child would lose the benefit?
If the disabled parent dies and the child receives a insurance policy will it have an effect on the benefit?
Thank you very much I am very grateful for all thoughtful informative responses.