How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16559
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
23669918
Type Your Social Security Question Here...
Megan C is online now
A new question is answered every 9 seconds

Can a person recieving SSI benefits inherit property such as

This answer was rated:

Can a person recieving SSI benefits inherit property such as a car from a friend and not be penilized. and if so can that car be sold for necesities such as pay for property taxes or home repairs

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

How are you?

MyVirtualCPA :

If the person receiving SSI benefits does not already have a vehicle, then the asset would be exempt. He could inherit the car without jeopardizing his benefits, but then in the month he sold the car he would not be able to draw benefits - he could not draw benefits until his assets were spent back down below the $2,000 limit

MyVirtualCPA :

IF he already has a car, then the month he receives the car he would not be able to draw benefits

MyVirtualCPA :

And he could not until he sold the car and spent the funds down. He could spend it on property taxes and home repairs - that would be acceptable

MyVirtualCPA :

But there's going to be at least 1 month where he doesn't draw benefits

MyVirtualCPA :

Do you have any further questions?

MyVirtualCPA :

If not, please respond and let me know if I have provided you with excellent service today

Megan C and other Social Security Specialists are ready to help you
Hello, Rosie,

I see you were having difficulty with our live chat feature, and so I switched our conversation to a different format. Please review my response above. IF you have further questions, reply below. Otherwise, please rate as "excellent" so that I may receive credit for assisting you today. Thanks again for using JustAnswer.com