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Savings Account for the Inmate?

DEBBIEO403
DEBBIEO403
I have a question....have any of you ever set up an account for your loved one outside of their prison accounts?

Chances are my son will still be in prison after myself and his Dad have passed. Can an attorney hold an account for them? Yes, I guess their are family members I could ask to do this but I would rather more "legal" with someone. Also, does anyone have the inmate down as a beneficiary on say life insurance policy? Do they then get the money deposited in their prison account by the insurance company?

I am sure my son will need funds (savings account) after we are gone. Just trying to figure out how to provide for him in later years.

Debbie
feelingguiltymom
feelingguiltymom
I have had the same thought, Debbie. I don't have much to start an account, but I plan to see a financial counselor and see what he suggests.
DEBBIEO403
DEBBIEO403
I would like to start some kind of savings for him, no matter how small but have no idea where to turn with this. You might have the right idea with a financial counselor.
rickybennett
rickybennett
cant you just open one in his name like you would for a small child for there future ?
Independent2014
Independent2014
You can put the money in a trust naming him with you & your husband and you as beneficiaries. He will get the money because only he (if both you and your husband die) could get it out.
LillyMom
LillyMom
I don't know what state you're in, but a Special Needs Trust is the way to go in my state.
DEBBIEO403
DEBBIEO403
Lilly, I checked out the Special Needs Trust and I only see so far where it pertains to disabled inmates. I will check into that more though, thank you for that suggestion.

Independent - also looking into the trust part.

Does anyone know how much a inmate can have in his account or his savings account at the prison? My son is in federal and I would think all the rules would be the same.