We are trying to set up a Special Needs Trust Fund for my disabled brother. My father (who died in Dec. 2021) had a CD account with my brother named as beneficiary. We were issued a cashier's check from the account in the name of my brother. But, we want to have the check reissued in the name of his Special Needs Trust Fund. His only income is a Social Security check each month. The balance on his checking account (on which I am the Representative Payee) MUST stay between $200 - $2000 dollars. He is not allowed to garner income from other sources.
If he cashes the cashier's check ($708.40), we are afraid it will be reported as income and jeopardize his standing with SS. Our bank suggested cashing the check and then directly having the cashier write another cashier's check for the Special Needs Trust with the $708.40 he just cashed. Any thoughts or suggestions? Thank you!