Most parents want to ensure a financially-stable future for their children, so they establish trust funds, inheritances or specific savings account for their children’s use. However, there are circumstances where a savings account won’t cover a child’s expenses.
For example, most parents of disabled children must consider how to support their child into adulthood. It’s challenging because you want your child independence while also giving them financial stability.
Protecting your child’s financial future
One of the best options is to have your adult children apply for social security benefits under your earnings. It allows the child to receive payments for disability benefits or retirement benefits under the parents’ name – which is especially useful if the child cannot work due to their disability.
However, several criteria:
- Over the age of 18
- The disability started before the age of 22
- Must be unmarried
- Meet the definition of disability for adults
Even if your child meets the requirements, they cannot make substantial earnings. The definition changes from year to year, but in 2019, participants cannot make more than $1,220 a month. You should check with the Social Security Administration before applying under your benefits.
An adult “child” goes through the evaluation process like any other adult and send the application the Disability Determination Services in California to receive a final decision. It is possible to receive benefits through your parents and on your record, but you should consult with a disability advocate to ensure you make the right choice for your family.
