Social Security Questions? Ask a Social Security Expert for Answers ASAP
Hi, A Customer Care Agent is scheduling a follow up for tomorrow, July 3 2013 at 11:00am Mountain Time with Dimitry Esquire.
Here is a link to the customer's previous question:
Hello Dimitry, I have several questions for you. how will I be penalized for moving assets? Do they have to penalize me? Am I still responsible for the assets I moved? Since social security knows that I moved assets , will I still be penalized even if I move the assets into a trust or even buy a house or mobile home? In anticipation of being penalized, can I go ahead & get other Health Insurance with assets I moved? If penalized, should I appeal ? Since I don't know the results of my review yet and am still receiveing ssi check & using Medicaid for DR. appts. & medicine is it still legal for me to use check to pay necessities & use Medicaid ? Can I use assets, if returned to me to pay for school? also, Will it be legal for me to seek job training & job placement from the Texas State office for rehabilitation Services?
Alex,Thank you for your follow-up.Until you are formally found to be liable and formally violated any of the requirements, you can still go ahead and use Medicaid since that has not ben cancelled or otherwise taken away. You can likewise use assets to pay for school, and there is nothing keeping you from seeking job training or seeking job placement from sate offices. Being 'penalized' is not a yet a certainty.What the state may do is potentially cancel your coverage, impose fees and fines, require repayment of medical expenses they incurred when coverage was wrongfully extended to you, and a rescission of benefits going forward. You can obtain health insurance even now (that is never denied to you) but until you know what they have to say there may be no need to do so.Good luck.
Thank You Dimitry, Even though the assets were to be used originally for the purpose of buying another home, I can now use them to pay for school?
Thank you for your follow-up, Alex.You can use the proceeds in any way you wish. Just be aware that if you do not reinvest the funds, you will be hit with a potential capital gains tax that you would need to disclose on your tax returns.Good luck.