How To Title Home For SSI Recipient?

[Jaxkats]

What is the name of your state? FL

Does placing the title of a home- an SSI recipient lives in by himself - in his name only or in his name and the name of someone else have any impact one way or the other for SSI?

Home is currently not titled in his name but there are tax advantages to having it titled in his name but also concerns of management and control if in his name only. There is no mortgage on the home.

 

[seniorjudge]

What is the name of your state? FL

Does placing the title of a home- an SSI recipient lives in by himself - in his name only or in his name and the name of someone else have any impact one way or the other for SSI?

Home is currently not titled in his name but there are tax advantages to having it titled in his name but also concerns of management and control if in his name only. There is no mortgage on the home.

https://forum.freeadvice.com/showthread.php?t=345043

Discussed at the link above.

This is a double post.

 

[Jaxkats]

Previously discussed - but not yet answered - so I was hoping to find someone with some additional expertise. A poster had asked if there was a mortgage on the property - the answer is no**************but poster didn't respond after question was answered**************....

 

[BL]

Since you couldn't find anything , look here :

Speak to a Real Estate Attorney about titles ( deeds ) . A person would need one .

If a recipient can't manage his/her financial Affairs , a Person/Agency can be appointed PAYEE .

http://www.socialsecurity.gov/pubs/11000.html

Resources (things you own)
Resources that we count in deciding whether you qualify for SSI include real estate, bank accounts, cash, stocks and bonds.

You may be able to get SSI if your resources are worth no more than $2,000. A couple may be able to get SSI if they have resources worth no more than $3,000. If you own property that you are trying to sell, you may be able to get SSI while trying to sell it.

Social Security does not count everything you own in deciding whether you have too many resources to qualify for SSI. For example, we do not count:

The home you live in and the land it is on;
Life insurance policies with a face value of $1,500 or less;
Your car (usually);
Burial plots for you and members of your immediate family; and
Up to $1,500 in burial funds for you and up to $1,500 in burial funds for your spouse.