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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 14146
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Can a person recieving SSI benefits inherit property such as

Resolved Question:

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
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

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, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 14146
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and other Social Security Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
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Expert:  Megan C replied 1 year ago.
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

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