out of life ins,there is money left from life ins and it is in savings acct and i want to put it in grand daughter's college fund.will ss take away monthly amt i am getting for her for awhile if i do put balance of life ins into her college fund?
2006-09-08 07:27:41 · 3 answers · asked by k 3 in Politics & Government ➔ Government
Call and ask them, they work by the most convoluted set of rules I have ever seen in my life............ sorry for the loss of your daughter, you're being a good grandma doing what you're doing.
Best, Suz
2006-09-08 07:41:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Generally, life insurance benefits are independent of social security, and any gift (especially earmarked for a college fund) will likely not impact social security benefits at all.
That's general theory. If you want a specific legal analysis based on your particular situation, you need to consult a licensed attorney.
2006-09-08 07:41:58 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋
I think you're OK. Make sure you pay taxes on that money.
2006-09-08 07:49:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋