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If so, they do not count Retirement account assets; just the income that is thrown off from retirement accounts.
I'm guessing they want to guard against people selling their home and then signing up for heavily subsidized housing. That would be quite compelling actually.
I guess these programs are different by State.
What's to prevent people from selling their homes and using the proceeds from the sale to live it up for a few years and perhaps give some of the money to their kids before they sign up for subsidized housing and other benefits?
What's to prevent people from selling their homes and using the proceeds from the sale to live it up for a few years and perhaps give some of the money to their kids before they sign up for subsidized housing and other benefits?
Federally subsidized housing has a two-year “look back” period; if people have given away assets, they must list them for eligibility purposes for two years for hud.
states have different look backs for state programs so you need to check with your state
here is an example of CT
Federally subsidized housing has a two-year “look back” period; if people have given away assets, they must list them for eligibility purposes for two years, according to Barbara Mullen at the Housing and Urban Development (HUD) office in Hartford. State elderly housing has no look back period, but people who give away assets while living there must continue to count the income from those assets for eligibility purposes for a period of time, according to Mike Santoro at the Department of Economic and Community Development (DECD).
Last edited by mathjak107; 01-06-2024 at 07:50 AM..
How is qualifying for HUD senior housing a fraudulent activity, Wile E. Coyote?
If you deliberately misrepresent your financial situation when applying for government benefits that have limitations based on your financial situation that is fraud. Someone was suggesting that you do that. That is very bad advice.
Since we are talking about annuities in the other thread, it occurred to me: could you "decrease" your assets by turning them into annuities? You would have a higher monthly income when annuities are added, but lower assets - maybe you could find a point where you wouldn't get so much income in annuities that it would disqualify you from subsidized housing, yet you would decrease your assets below the limit where they start disqualifying you from subsidized housing? Probably not a good approach if you want to leave stuff to heirs, but could work if you need resources just for yourself.
Yes that's an idea. I believe you should check the lookback period
If you deliberately misrepresent your financial situation when applying for government benefits that have limitations based on your financial situation that is fraud. Someone was suggesting that you do that. That is very bad advice.
Let's be civil and not misalign her character. YOU are the one who suggested criminal activity and linked it to her to malign her. Be nice
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