Rework payee in tex

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Aug 6th, 2022
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How to rework payee in tex

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hey there iamp;#39;m estate planning attorney paul rabelais and in this video i am going to explain what information a beneficiary of a trust is entitled to so hereamp;#39;s the deal lots of people are setting up trusts these days people are setting up testamentary trusts in their wills people are setting up revocable living trusts and then people are setting up revocable living trusts that have sub trusts that go on after the death of the set lore or set lowers and people are setting up what i call gifting trust that parents and grandparents often establish for their children and grandchildren sometimes for estate tax avoidance purposes the trustees of these trusts not trying to be rude here but the trustees of these trusts are often in over their heads theyamp;#39;ve never been a trustee before the trustee is often some best friend or relative of the set lore the person who set up the trust the trustees often donamp;#39;t know the investment and accounting rules that are required

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The checking or savings account title must show the beneficiarys ownership of the funds and show you as the financial agent. Neither you as the payee, nor another third party, can have any ownership of the account. The beneficiary must never have direct access to the account.
Contact the local SSA office and explain the reasons for wanting to change a rep payee. The SSA office should then make a determination and notify everyone involved. If the beneficiary knows who they want to be their rep payee, the beneficiary should also ask that person to complete the appropriate SSA form.
After paying those expenses, your payee can use the rest of the money to do things like pay any past-due bills you may have or give you spending money. If theres money left, your payee should save it for you. Your payee must keep accurate records of how they spend your money.
Representative payees must receive and hold the beneficiarys benefits as directed by SSA. In general, beneficiary and payee funds must not be commingled. One permitted exception is the use of a common checking account for all family members living in the same household who receive benefits.
Any Conserved funds belonging to the beneficiary are the property of his/her estate. They must be given to the legal representative of the beneficiarys estate or otherwise handled ing to state law.
Advance designation allows you to designate up to three individuals who could serve as a representative payee for you if the need ever arises.
Generally, the payee is the person to whom you make the payment, regardless of whether that person is the beneficial owner of the income. However, there are situations in which the payee is a person other than the one to whom you actually make a payment.
A representative payee applicant may not serve if he/she: (a) Has been convicted of a violation under section 208, 811 or 1632 of the Social Security Act. (b) Has been convicted of an offense resulting in imprisonment for more than 1 year.

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