My sister gets $1000 per month social security and $600 per month from an investment. Can she legally spend that money down

Asked almost 2 years ago - Minneapolis, MN

An insurance advisor told her she could get Low Income Subsidy if she did not have that investment that is now down to $31,000

Attorney answers (2)

  1. David J. McCormick

    Contributor Level 20


    Lawyers agree

    Answered . Instead of the insurance advisor your sister needs to talk with a local social security attorney or elder law attorney to see that her low income subsidy options are. Keep in mind that any type of low income program is designed to help those truly in need, not those that have $31,000 investments.

    Good luck.

    DISCLAIMER: David J. McCormick is licensed to practice law in the State of Wisconsin and this answer is being... more
  2. Robert C. Alston

    Contributor Level 14


    Lawyer agrees

    Answered . Do not take legal advice from an insurance agent. Contact an elder law attorney.

    Actual legal advice can only be provided by an attorney licensed in your jurisdiction, with experience in the area... more

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