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Ask Lane Your Own Question
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10163
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I would like to know why the Social Security Administration

Customer Question

I would like to know why the Social Security Administration Office in Grand Forks is insisting that I have the following:
At Gate City Bank (in which I will acknowledge) $200
Other unearned income (I have no knowledge of) $3,835.25
any property that is in my name( I have no knowledge of any property being in my name) If there is, there are six other names on that property to and we will not get that property until after our parents pass away,and that won't be for a long time yet.
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.
Hi,.This MAY be something that you can point out to them... by documentatig the title and respective ownership interests..Many times they just see a value and know that you nare one of the owners..And if things are owned JOINTLY, THAT form of ownership actually does say that every owner owns all of it (said differently, a jointly owned bank account, for example, can be attached if only ONE of the owners gets a creditor judgment or a tax line) ... AND a joint owner actually has the legal right to withjdraw every dollar in that bank account..Now there are different types of joint ownership:.Tenancy in common allows an owner the greatest flexibility to transfer the property as he or she wants. Each co-tenant in a tenancy in common has an interest in the property and is free to transfer this interest during life or through a will..Joint tenants, on the other hand, must have equal ownership interests in the property. So, three owners would each have a one-third interest in the property. If one of the joint tenants dies, his or her interest immediately ceases to exist and the remaining joint tenants own the entire property.A disadvantage to both joint tenancy and tenancy in common, however, is that creditors can attach the tenant's property to satisfy a debt. So, for example, if a co-tenant defaults on debts, his creditors can sue in a "partition proceeding" to have the property interests divided and the property sold, even over the other owners' objections.A third form of tenancy that is allowed in several states, tenancy by the entirety, avoids this problem, but it is available only to married or, where applicable, civilly united couples..AND these laws are ALL state laws so some states recognize some forms and some dont, (or do but things work a little differently) ... AND then there's the whole issue of community property state..But MY guess s that their system MAY not be sophisticated enough to look at what INTEREST you have in property (cash, personal OR real)..And if you can document for than that you don't own a whole interest ... or that you have only a remainder interest, then they'll not see it as AVAILABLE.Let me know if you have questions from here