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Kitty4670
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18 Dec 2024, 3:45 am

Why SSI won't let people invest money? And an another thing, parents should be allow to leave money to their children if they want.



Rossall
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18 Dec 2024, 5:43 pm

Nuts isn't it? People should be encouraged to save. In the UK if you go over £16,000 savings your UC gets stopped which is the scenario I'm looking at over the next few months.


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Texasmoneyman300
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21 Dec 2024, 10:23 pm

Kitty4670 wrote:
Why SSI won't let people invest money? And an another thing, parents should be allow to leave money to their children if they want.

They basically want to keep us poor and dependent on them. Also you can have your parents leave money to you but they will have to go to a lawyer to have trusts done for that to work.You can invest if your parents invest for you and set up ABLE account and trust.



Kitty4670
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05 Jan 2025, 11:13 pm

Texasmoneyman 300 wrote:
Kitty4670 wrote:
Why SSI won't let people invest money? And an another thing, parents should be allow to leave money to their children if they want.

They basically want to keep us poor and dependent on them. Also you can have your parents leave money to you but they will have to go to a lawyer to have trusts done for that to work.You can invest if your parents invest for you and set up ABLE account and trust.

I do have an ABLE account, I didn't know about the trust.



Texasmoneyman300
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07 Jan 2025, 7:28 am

Kitty4670 wrote:
Texasmoneyman 300 wrote:
Kitty4670 wrote:
Why SSI won't let people invest money? And an another thing, parents should be allow to leave money to their children if they want.

They basically want to keep us poor and dependent on them. Also you can have your parents leave money to you but they will have to go to a lawyer to have trusts done for that to work.You can invest if your parents invest for you and set up ABLE account and trust.

I do have an ABLE account, I didn't know about the trust.

Oh okay.....I think you can have 100,000 dollars in assets in your ABLE account.I dont know what kind of trust could work but there could be something called a special needs trust but lawyers aint cheap....they can be 300 dollars to 900 dollars per hour or more.Also it would take several years to get to the 100,000 dollar limit starting from scratch because a person can give there is a gift tax on gifts exceeding between 15,000 to 17,000 dollars.