SSI and land ownership

[medievil]

My mother and father (They are divorced) both co own a piece of land valued at $6000. My father never paid SS (He paid retirement) so My mother is tryign to sign up for SSI and the limit for land ownership is $2000. Would adding my sister to the deed as a 1/3 owner be allowed or would my mother then have to wait the 36 month waiting period?

 

[Silverplum]

My mother and father (They are divorced) both co own a piece of land valued at $6000. My father never paid SS (He paid retirement) so My mother is tryign to sign up for SSI and the limit for land ownership is $2000. Would adding my sister to the deed as a 1/3 owner be allowed or would my mother then have to wait the 36 month waiting period?

Why should the taxpayers pay for her if she owns land?

Why should we help you figure out how to screw the taxpayers? I'm a taxpayer, and I'm not into self-harm.

 

[medievil]

Why should the taxpayers pay for her if she owns land?

Why should we help you figure out how to screw the taxpayers? I'm a taxpayer, and I'm not into self-harm.

she has no income.. and how is it screwing taxpayers to ask a serious question?. I hardly think $1000 difference is a screw you to taxpayers...for her it is the difference in paying some of her own bills versus me and my sister having to support her completely. She was a homemakers for 50 years while my father worked.

oh and FYI, the land was owned and bought by BOTH 40 years ago for $400, it contained the home we grew up in that is now unlivable do to ill repair, water damage, etc..she had to move out of it...

 

[commentator]

You need to be dealing with them, the workers in the system, instead of trolling the internet for answers. Your mother has this land. She also has needs. She has an income situation. Let THEM deal with it. Transferring one third to your sister will not help one bit. Let them explain this to you.

 

[LdiJ]

she has no income.. and how is it screwing taxpayers to ask a serious question?. I hardly think $1000 difference is a screw you to taxpayers...for her it is the difference in paying some of her own bills versus me and my sister having to support her completely. She was a homemakers for 50 years while my father worked.

oh and FYI, the land was owned and bought by BOTH 40 years ago for $400, it contained the home we grew up in that is now unlivable do to ill repair, water damage, etc..she had to move out of it...

How was it determined that the value of the land was 6k? The reason I am asking is because if you are merely going by the value of land, when there is a structure on the land, you could be valuing it wrong. If the house is structurally sound, even if not habitable at the moment, it could be worth more than 6k. If the house has to be torn down because its not structurally sound, in order for the land to be used, then it could be worth less than 6k...and all kinds of other combos in between.

Before you address the issue of how to deal with the asset in terms of SSI...you have to be very certain of the fair market value of the asset. Honestly, the best determination of its value is to put it on the market and sell it...if it can be sold.

 

[medievil]

How was it determined that the value of the land was 6k? The reason I am asking is because if you are merely going by the value of land, when there is a structure on the land, you could be valuing it wrong. If the house is structurally sound, even if not habitable at the moment, it could be worth more than 6k. If the house has to be torn down because its not structurally sound, in order for the land to be used, then it could be worth less than 6k...and all kinds of other combos in between.

Before you address the issue of how to deal with the asset in terms of SSI...you have to be very certain of the fair market value of the asset. Honestly, the best determination of its value is to put it on the market and sell it...if it can be sold.

we had the property reassessed by the county, they valued the structure at zero dollars because it is unlivable.. the land itself is valued at $6000. From my understanding, when she spoke with SS Dept, they go by assessed value only...the problem with selling it is that she can't sell it for less than it's assessed value, nor can she just gift it completely to one of the kids.
Honestly some of the replies here are really pathetic...I was trying to find out real answers so that no one WOULD be cheating the system. Trying to find out what is considered a legal transaction by the SS Dept and what wouldn't so I could gather the best info so we could try to determine what the best option for her to be was. And the hostility by some is really disappointing..

 

[Zigner]

we had the property reassessed by the county, they valued the structure at zero dollars because it is unlivable.. the land itself is valued at $6000. From my understanding, when she spoke with SS Dept, they go by assessed value only...the problem with selling it is that she can't sell it for less than it's assessed value, nor can she just gift it completely to one of the kids.
Honestly some of the replies here are really pathetic...I was trying to find out real answers so that no one WOULD be cheating the system. Trying to find out what is considered a legal transaction by the SS Dept and what wouldn't so I could gather the best info so we could try to determine what the best option for her to be was. And the hostility by some is really disappointing..

Alrighty then...

 

[Silverplum]

we had the property reassessed by the county, they valued the structure at zero dollars because it is unlivable.. the land itself is valued at $6000. From my understanding, when she spoke with SS Dept, they go by assessed value only...the problem with selling it is that she can't sell it for less than it's assessed value, nor can she just gift it completely to one of the kids.
Honestly some of the replies here are really pathetic...I was trying to find out real answers so that no one WOULD be cheating the system. Trying to find out what is considered a legal transaction by the SS Dept and what wouldn't so I could gather the best info so we could try to determine what the best option for her to be was. And the hostility by some is really disappointing..

Nonsense. You were trying to figure out how to "have your cake and eat it, too."

It's not our job to explain SSI to you or anyone. That's all over THEIR website. If you come here looking for ways around their rules, you want to cheat the system.

 

[LdiJ]

we had the property reassessed by the county, they valued the structure at zero dollars because it is unlivable.. the land itself is valued at $6000. From my understanding, when she spoke with SS Dept, they go by assessed value only...the problem with selling it is that she can't sell it for less than it's assessed value, nor can she just gift it completely to one of the kids.
Honestly some of the replies here are really pathetic...I was trying to find out real answers so that no one WOULD be cheating the system. Trying to find out what is considered a legal transaction by the SS Dept and what wouldn't so I could gather the best info so we could try to determine what the best option for her to be was. And the hostility by some is really disappointing..

What makes you think that the SSA goes by assessed value? Or that the SSA could somehow forbid someone from selling an asset at less than assessed value? In many areas assessed value has nothing to do with actual fair market value...and the SSA could certainly NOT forbid a sale at fair market value in an arms length transaction.

The SSA also could not deny a true appraisal of the value done by a professional. Yes, if you sell the property for pennies on the dollar to a related party that is going to raise serious red flags with the SSA unless there is a professional appraisal showing its fair market value an the sale is at fair market value. However if its sold to a non related third party the SSA really cannot challenge that.

 

[medievil]

Nonsense. You were trying to figure out how to "have your cake and eat it, too."

It's not our job to explain SSI to you or anyone. That's all over THEIR website. If you come here looking for ways around their rules, you want to cheat the system.

no I was tryign to find out if it was legal to do as my question asserted. thats not having your cake and eating it, thats a legit question about the SSI rules . If it is legal, then there is nothing wrong with doing it, if it is not, then it wouldn't be done.. simple and straightforward. it is YOU that made the weird assumption.


Oh and in case you forgot where you are, this is FREE ADVICE, Ask ask a lawyer... so yea, those replying are suppose to be HELPING and advising.. thats the whole point...

 

[medievil]

What makes you think that the SSA goes by assessed value? Or that the SSA could somehow forbid someone from selling an asset at less than assessed value? In many areas assessed value has nothing to do with actual fair market value...and the SSA could certainly NOT forbid a sale at fair market value in an arms length transaction.

The SSA also could not deny a true appraisal of the value done by a professional. Yes, if you sell the property for pennies on the dollar to a related party that is going to raise serious red flags with the SSA unless there is a professional appraisal showing its fair market value an the sale is at fair market value. However if its sold to a non related third party the SSA really cannot challenge that.

they straight up told her that she was not allowed to sell it for less than it's assessed value, should be denied and have to wait 3 years if she did so......

 

[LdiJ]

Nonsense. You were trying to figure out how to "have your cake and eat it, too."

It's not our job to explain SSI to you or anyone. That's all over THEIR website. If you come here looking for ways around their rules, you want to cheat the system.

I think that you are a little over the top on this one...seriously. Yes, the rules should absolutely be followed, always, but seriously, you are going to berate the OP over a potential 3k asset? Are you really going to accuse the OP over that trivial of an asset? Come on Silver, I have more respect for you than that.

 

[medievil]

I think that you are a little over the top on this one...seriously. Yes, the rules should absolutely be followed, always, but seriously, you are going to berate the OP over a potential 3k asset? Are you really going to accuse the OP over that trivial of an asset? Come on Silver, I have more respect for you than that.

not to mention that I was asking WHAT the rule is cause on the "Website" as he suggested is not clear on that subject of adding a person. My7 question was, was it legal, not can I get by with it.

 

[Onderzoek]

My mother and father (They are divorced) both co own a piece of land valued at $6000. My father never paid SS (He paid retirement) so My mother is tryign to sign up for SSI and the limit for land ownership is $2000. Would adding my sister to the deed as a 1/3 owner be allowed or would my mother then have to wait the 36 month waiting period?

The limit for all resources for an individual is $2000, and that includes land, bank accounts, second cars, etc. In the divorce decree, it was decided that the two of them would share this property? A pretty dumb decision, in retrospect. What about rights to her former husband's pension? Did she sign that away also?

Your sister could buy out your mother's share so your mother gets the value of what she owns. Her ex-husband could buy her out also. You could buy her out. The value is what the land, as is, would sell for if it was listed on the open market. That could be a written estimate by an expert, a realtor who sells land with broken down houses in your area.

It is also odd to me that people keep land like this for sentimental value when they have no other way of supporting themselves.

Is your mother over 65 or disabled? When did she stop working? How has she supported herself since the divorce? What else does she own?

 

[medievil]

The limit for all resources for an individual is $2000, and that includes land, bank accounts, second cars, etc. In the divorce decree, it was decided that the two of them would share this property? A pretty dumb decision, in retrospect. What about rights to her former husband's pension? Did she sign that away also?

Your sister could buy out your mother's share so your mother gets the value of what she owns. Her ex-husband could buy her out also. You could buy her out. The value is what the land, as is, would sell for if it was listed on the open market. That could be a written estimate by an expert, a realtor who sells land with broken down houses in your area.

It is also odd to me that people keep land like this for sentimental value when they have no other way of supporting themselves.

Is your mother over 65 or disabled? When did she stop working? How has she supported herself since the divorce? What else does she own?

she just turned 65 and has never worked, they divorced in 86 and he remarried so she had no rights to his retirement...me and my youngest sister always took care of her after the divorce.. she got child support until the youngest hit 18, then we managed the bills and stuff.. The youngest however is now married and a family of her own to take care of and I do not make enough to buy the land (through a loan) and the youngest and my other sister have their own payments to pay. She only had to move out of the house about 6 months ago. it isn't like she was"keeping" the land for no reason, she doesn't own a car or have a savings account either...
selling the land isn't so easy.. not around here...there is not a lot of demand especially with an existing home that will have to be completely removed...