- How It Works
- ServicesServicesOverviewChoose the right level of support for your plan and needsExpert ReviewA comprehensive review of inputs and reports to get you on the right pathFiling AssistanceLet our experts deal with Social Security for youClawback AssistanceFor those who need help fighting a Social Security benefit clawback
- Why Choose Us
- ResourcesResourcesBooksFrom the world-renowned economist behind Maximize My Social SecurityWebinars & PodcastsExpert tips and guides to help you get the maximum from Maximize My Social SecurtyArticlesIn-depth commentary on Social Security from our founderAsk LarryThousands of questions answered by our Social Security expertsBlogSocial Security insights to help you maximize your lifetime benefitsFAQYour most pressing questions answered
- Pricing
Ask Larry
Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
September 10, 2021
Category:
Can I Give Away Assets And Be Safe?
As far as it goes with cryptocurrency and ssi benefits. I bought all my crypto with stimulus checks and wonder how things works regard to that. I don't want to lose my ssi check over some assets that were available at the time. Would i be able to give away the assets and be safe? What should i do in this situation?
Hi. SSI is a needs based program, and it's intended for people who don't have sufficient means of supporting themselves. There is a $2000 asset limit for Supplemental Security Income (SSI) eligibility. Some assets are excluded from counting toward that limit (e.g. one motor vehicle, a home in which you live), but the value of any cryptocurrency you own would count against the limit.
You generally can't simply give away assets as a means of qualifying for SSI. If you have more than $2000 in countable assets then you probably aren't eligible for SSI payments. The only way to become eligible again is if you spend down your countable assets to $2000 or less, or if you convert some countable assets to excludable assets.
Best, Jerry