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Can I Transfter Assets To A Relative In Order To Qualify For SSI?
I am on SSDI. My benefit amount is 1867.00 per month. I would like to apply for SSI, but I have to many assets. Can I transfer assets to a relitive, or put into trust or llc , and qualify for SSI.
Hi,
No. In most cases if you transfer assets in order to reduce your financial net-worth, Social Security would still count the value of those assets for at least 36 months when determining your Supplemental Security Income (SSI) eligibility (https://www.ssa.gov/ssi/spotlights/spot-transfer-resources.htm).
Regardless of that, though, if your Social Security disability (SSDI) benefit amount is $1867 you wouldn't be eligible for SSI even if you had no assets. SSI is a needs based program that can supplement the income of individuals who qualify up to the current maximum payment rate of $750. If you already have other countable income like SSDI that exceeds the maximum SSI payment amount. then you couldn't qualify for SSI benefits.
Best, Jerry