Submitted by bookytina t3_105pteo in personalfinance
My son is receiving a sum of $25,000 from the school district because a teacher gave him a concussion and he had to get his head stapled shut.
The check will be coming to me, they aren’t setting up any kind of trust or whatever. I know nothing about these things and don’t want to use his money to hire a financial advisor or anything.
The problem is, I am a single mom of 2 kids. One of them has autism and gets SSI. I also receive food stamps and Medicaid. And yes, I do work.
I want to put this money into some sort of account, trust, whatever that builds interest until he is 21. Except for maybe $5000 of it so he can get a car. So I would have to cash it first and then put the rest away. Will that interfere or flag SSI? How does this work? Also, what kind of account would be best for something like this? I don’t want to do anything illegal or that could lose my other son his benefits.