New protections for those needing a “representative payee”
In April of this year, a new law passed as H.R. 4547 bolstered Social Security’s Representative Payee program to provide more protection for beneficiaries needing such support. A “representative payee” is a person who is designated to receive and manage Social Security benefits on the behalf of a minor or disabled recipient who cannot manage those benefits on their own. The new law places some limits on who can act as a Representative Payee and requires periodic onsite reviews, but it also eases some of the reporting requirements for parents or spouses who are obviously close and related to the beneficiary. The new law is summarized in this Wealth Management article by Bernard Krooks and Arshi Pal. Click here to read more.