he had taken out two $5000 insurance policies on the son 40 years ago for future burial expenses. They were in the name of the son, but he did not know about them. The father paid the $9 premium every month. Turns out the policies have a combined cash value of $5000 and so SSA says the son has assets exceeding the $2000 SS max and stopped benefits. If policies canceled, cash value still shown for son. What if convert to paid up policy or prepay to funeral home for burial expenses. Any ideas to get benefits reinstated? Meeting with SSA tomorrow.
Here is a link to SSA's discussion of SSI and the countable/exempt resources you can own: http://www.socialsecurity.gov/ssi/spotlights/spot-resources.htm
A local Social Security attorney or Elder Law attorney ought to be able to advise on a proper spend-down if that becomes necessary. You can find one by using the "find a lawyer" tab here on Avvo. It might be viable to assign the life insurance to an irrevocable pre-need funeral, but do make sure that you look at all of the regulations before doing so. Here is a link: https://secure.ssa.gov/poms.nsf/lnx/0501130420
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Mr. Davis has given you excellent advice. You should consult with a local attorney about this situation as there is another and more problematic possibility here. The SSA may, key word there is may, say that you should not have received SSI at all since you had these assets even unbeknownst to you. If so, you might get charged with an overpayment where they ask for the money back. Get ahead of this problem early by consulting with a good local SS attorney.
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