alt.social-security-disability

"Cheryl" wrote in message
news:FNednf-qc6y4LSPbnZ2dnUVZ_uygnZ2d@ ...
>
> "john rosewood" wrote in message
> news:U4Gdnatrm6oJ_CPbnZ2dnUVZ_i2dnZ2d@ ...
>> what type of residence would be immune from consideration of assets
>> ? i
>> am in the state of texas i am not sure if that makes a difference
>> or not
>>
> Jack can probably give you the POMS on what you're asking, which are
> a lot more specific, but check here:
>
> /pubs/ #11
>
> Your primary residence is exempt. But... consider whether the income
> generated from the 2nd residence would be higer than the amount you
> receive from SSI. If your receive SSDI, then your SSI may amount to
> very little additional money and, if so, retaining the income from
> the 2nd residence may very well be more.

Cheryl;

He is SSI only and as such only one home can be excluded from his
assets and that is the home he lives in. The term is "primary
residence" as he must live on the property. The only way he stands a
chance of keeping SSI is if the 2nd. property is placed into a trust
that is specifically structured so he never gets title to the
property. The trust could pay his utilities and upkeep on his primary
residence and even give him a small amount of money for necessities.
The trust would need to be incorporated as a sole entity and run by an
accountant or law firm with specific instructions and guidelines so
the property could be turned over to him in the event he should be
deemed no longer disabled. Even then the state may consider the trust
is an asset that places him above the asset level. This should be
worked out with his state in advance. The only state I know of where
this has been done is Arizona but I see no reason it wouldn't work in
Texas. It would be much easier if there were a trusted relative that
could inherit the 2nd. property and take care of his needs as his
parents are evidently currently doing in exchange for the inheritance.