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What happens to my assets if I file for Social Security disability?
This is a common question for people who are considering filing for SSDI. There is a belief that all Social Security disability programs require you to have no assets or that you have to give up your assets. This simply is not true for either Social Security program for disability benefits, namely Social Security Disability Insurance and SSI (Supplemental Security Income).
If you file for SSDI, you do not have to even consider what assets you have. Social Security disability is based upon an insured status gained through your work prior to becoming disabled. You paid payroll taxes on your earnings that allowed you to be insured for disability. If you think about it, payroll taxes are like premiums paid. Additionally, your disability benefit is determined by the yearly amounts of your earnings prior to becoming disabled. This explains the wide range of benefits paid to Social Security disability applicants.
If you file for SSI disability, your assets can be a problem as this program is a need based disability program and as such it requires that your income and resources (assets) be under the SSI income and resource limits to eligible for benefits.
However, even this program allows you to have some assets. SSI allows you to have 2000.00 in assets (bank accounts, pensions, cars, etc) after excluding the home you live in and your highest valued vehicle. If your assets are more than the limits, you can eliminate assets but you have to sell them for their true value and show how you spent the money. You cannot give or gift them to avoid selling them; if you do, your SSI benefits will be suspended or even terminated until your assets are below the limit.
In summary, you should schedule an appointment to file for disability with your local Social Security office. They will evaluate you eligibility for both programs and you can decide the best decision for you with regard to filing for disability.
Social Security Disability and SSI Resource Center
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Common Questions about Social Security Disability and SSI
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Applying for Disability in various states
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Social Security Disability SSI System and Benefits for Children
Denials, Appeals, and Getting a Disability Lawyer or Representative
What you should know about Social Security Disability and SSI Denials
Questions about Disability Lawyers and Hiring a Disability Attorney
Frequently asked questions about getting Denied for Disability Benefits
FAQ on Disability Claim Representation
Disability hearings before Judges
Selecting and hiring Disability Lawyers
Various Types of Benefits including SSI, Mental, and Child benefits
Social Security and SSI based on Mental Disability
Social Security Disability or SSI Benefits for Children
Disability Benefits through Social Security
Filing for Social Security Disability or SSI Benefits
Social Security Disability SSI: Medical Evidence and Records
Filing your claim for disability benefits
Eligibility for receiving disability benefits
Info about Social Security Disability Approvals and Being Approved
FAQ on Social Security Disability SSI decisions
The SSD SSI Decision Process and what gets taken into consideration
Resources on this site
Social Security Disability, SSI Terms and Definitions
Previously answered questions regarding SSD and SSI
About the Author of SSDRC, Tim Moore
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Applying for Disability in North Carolina
North Carolina Disability Lawyer
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