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Old 03-26-2019, 07:15 PM
 
6 posts, read 5,895 times
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Quote:
To qualify financially for SSI, you cannot own more than $2,000 worth of total countable assets (if you are married, you may jointly own up to $3,000 in assets). Countable assets are basically anything of value which you own except for the home which you live in and one vehicle. Your assets include such things as money in savings and checking accounts, IRAs and other retirement accounts, cash value in life insurance policies, vehicles (other than one vehicle for transportation), and virtually anything else of significant value.
Does this mean that if your computer is more than $2000 you cannot qualify? What about chair, bed, desk, and clothing. Would that count towards $2000 worth of countable assets?
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Old 03-26-2019, 08:27 PM
 
Location: OH>IL>CO>CT
7,466 posts, read 13,454,519 times
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See item C. at https://www.ssa.gov/OP_Home/handbook...book-2156.html where it says, in part:

"In determining countable resources, certain exclusions are authorized by Title XVI of the Social Security Act, by other Federal laws, and by certain court cases. These exclusions are:

C. Household goods and personal effects regardless of value;"
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Old 03-26-2019, 08:47 PM
 
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Would computer be counted as household goods?
What about musical instruments? And an expensive mic?
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Old 03-27-2019, 07:08 AM
 
18,479 posts, read 15,422,249 times
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Quote:
Originally Posted by canlog View Post
Would computer be counted as household goods?
What about musical instruments? And an expensive mic?
Things you keep in your home for personal (not business) use would normally count, unless specifically mentioned as another category.
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Old 03-27-2019, 12:20 PM
 
Location: SoCal
20,160 posts, read 12,650,485 times
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I think of it as cash.
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Old 03-27-2019, 12:54 PM
 
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If a property you own is in someone else's name but permanently lent you the property would that not count even though basically yours?
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Old 03-27-2019, 01:31 PM
 
18,479 posts, read 15,422,249 times
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Quote:
Originally Posted by canlog View Post
If a property you own is in someone else's name but permanently lent you the property would that not count even though basically yours?
It is not yours if you don't have the authority to sell it.
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Old 03-27-2019, 03:00 PM
 
Location: Ohio
24,624 posts, read 19,032,834 times
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Quote:
Originally Posted by canlog View Post
Does this mean that if your computer is more than $2000 you cannot qualify? What about chair, bed, desk, and clothing. Would that count towards $2000 worth of countable assets?
Which part of this:

Your assets include such things as money in savings and checking accounts, IRAs and other retirement accounts, cash value in life insurance policies, vehicles (other than one vehicle for transportation), and virtually anything else of significant value.

did you not understand?

"Anything else of significant value" means stocks, bearer bonds, non-bearer bonds, promissory notes, Ming Dynasty vases, Van Gogh paintings and the like.


It does not mean your Cuisinart food-processor or your TV.


You probably need a social worker, or your application will be rejected, so why don't you contact your county department of health and humans services and get one.
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Old 03-27-2019, 03:11 PM
Status: "Mistress of finance and foods." (set 12 days ago)
 
Location: Coastal Georgia
49,966 posts, read 63,265,686 times
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I am not sure about what you are saying. My friend inherited $600,000. when her father died. Her husband had a pension and they both had social security. She suffered a stroke and was in a very nice nursing home for 12 years before she died.

I know that after a few years, she qualified for Medicaid. Her husband is not destitute and I do not think he had to spend down all the money.
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Old 03-27-2019, 04:01 PM
 
6,503 posts, read 3,383,623 times
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Quote:
Originally Posted by gentlearts View Post
I am not sure about what you are saying. My friend inherited $600,000. when her father died. Her husband had a pension and they both had social security. She suffered a stroke and was in a very nice nursing home for 12 years before she died.

I know that after a few years, she qualified for Medicaid. Her husband is not destitute and I do not think he had to spend down all the money.
Perhaps the fact that SS and the Pension are only monthly income and do not count as assets. Also there are dollar-amount exclusions for assets "up to" which, as a lump sum, would sit by itself. Could be a nice cushion if income is good.

Also, the vehicle in which the inheritance was transferred may have had something to do with it. But I'm speculating.
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