"Assets" and SSD

[Loon-A-TiK]

i want to buy a new car. my grandparents would help me do this. would i be able to keep the car in my name, or would that count against me as being an "asset"? if i get a new car, should i keep it in their name?

[AirMarshall]

Panz already has thread discusing SSDI and assets http://www.crazyboards.org/forums/index.ph...st&p=213697 . I provided a link yesterday that answered this question.

Here it is again. http://www.naminys.org/ssi1.htm

a.m.

[Bryan]

For SSDI, assets do not matter.

For SSI, when counting your assets, the SSA must EXCLUDE certain assets, including the following:

1) one automobile, regardless of value, IF USED TO PROVIDE NECESSARY TRANSPORTATION; if not used for that purpose, then one automobile up to $4,500 in value. (Note: You should still report this asset to the SSA).

2) your home (including adjacent land and related buildings, regardless of value. The home must be owned by you or your spouse and USED AS YOUR PRINCIPAL RESIDENCE.

3) burial plots and certain burial funds up to $1,500.

4) life insurance with a face value of $1,500 or less.

5) disaster relief

6) one wedding ring and one engagement ring of any value

7) restricted allotted Indian lands

8) housing assistance paid under the U.S. Housing Act, the National Housing Act, or the Housing and Urban Development Act

9) nonbusiness property needed for support, up to a reasonable value

10) resources of a blind or disabled person need to fulfill an SSA-approved "PASS" (=Plan for Achieving Self Support) for employment outcome goal.

11) necessary health aids, such as a wheelchair or prosthetic device

12) household goods and personal effects up to $2,000 in value

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