Hiding Resources for Disability Benefits

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If someone had $11,000 in stocks but wanted to obtain SSI what would be the easiest, fastest way to hide the money from the government but still let it build wealth?

Have a parent not supporting you invest it.

But 11k shouldn't keep you from getting SSI. Really. Even if you made 11k a year, you'd be below the cutoff for 'gainful employment'.

Generally, they can't.

Not that it could not be done, but you can't invest money and have it "off the grid." You either never invest money or do it in the name of a company or other person you trust not to shaft you in the end of the deal.

For SSI, even if you gave the investment away (shell company or trusted friend), they could go and reverse the transaction to seize it as a source of "benefits" until the funds are exhausted.

That's what's criminal about SSI...it mandates utter poverty before it does a thing for you...and no, $11,000 isn't all that much money.

The 11,000 is not income its assets, they say that if you try to give away your resources to meet the reduction limit they will ban you from SSI for 3 years. Has anyone actually heard of that being done?

Have never heard of that, but while 11K might not keep you from being approved as far as your condition goes, it will keep you from ever being issued any monetary funds as long as you have it. SSI and SSDI exist to keep you alive, not to help you achieve material comfort. If you have 11K, you can feed, clothe yourself and keep a roof over your own head, at least for a few months. The max you are allowed to keep in assets, liquid or otherwise, is $2000.


If by 'assets', you mean physical property, they're not going to come to your house and assess the value of your belongings.

While I imagine that there are limits - why would assistance be offered to someone with $300,000.00 in assets but no income, when they could liquidate part of that for the time being? - but I don't know that 11K in total assets would meet that cutoff. But if they were to investigate, you've provided their answers right here. Something to consider.


M.

If your parents are supporting you with rent and food you are not able to receive SSI?

if i transfered 10,000 to a parent and then applied for social security the same month. Would this transaction fall under

"For SSI, even if you gave the investment away (shell company or trusted friend), they could go and reverse the transaction to seize it as a source of "benefits" until the funds are exhausted"

Does anyone know if a $2,000 transfers every month would be better?

If your parent charges you rent does that count?

Would buying a car from a family member be a good way to conceal assets?

You can cash out the stocks and give the money to your parents (or spend it).

I don't think anyone here knows anything about concealing assets, frankly that kind of duplicity is generally alien to the AS mind. Since you have so many questions about SSI, why not call or drop by your local Social Security office and ask them?

Or see: SocialSecurity.Gov

im afraid to get put on the "naughty boy" list

You can't have both. If you want to hide the money, you need to convert it to cash and stash it somewhere for whatever period of time it takes for it to fall off the radar. If you're earning interest or dividends via putting it in the market or other institution, there's financial reporting involved and you can't hide it unless you know someone on the inside who's willing to falsify records for you. I seriously doubt anyone would undertake the risk for only $11k and the small money it would generate.

I agree with the other posters - if you want government aid, either reveal the money or live on it until you fall below whatever their minimum standards are.

God no, cars depreciate as soon as you drive them off the lot, not a good investment. Talk to someone who is knowledgeable
with investments (ie.) the laws regarding concealing assets from SSI and the consequences of fraud

Precious metals. Gold and silver bullion are a good store of wealth over the long term. Note, however, that in the short term their prices can be quite volatile, so you must be prepared to ride out the sudden decreases (and increases) in value. Also note that by "a good store of wealth" I mean that the amount of goods and services you can purchase for a fixed amount of bullion stays roughly the same over time. A good investment, by contrast, yields returns greater than inflation, changes in currency value, purchasing power, etc.

You can purchase precious metals from coin dealers and directly from government mints. If you buy from a physical store (rather than an on-line company), pay in cash so you do not leave an electronic record. (In some countries bullion dealers have to file forms with the government for large purchases.) All dealers will charge you a small premium over the spot market metal price--they are running a business.

Because you mentioned SSI, I assume you live in the USA, so I recommend you look into old silver coins. Prior to the mid 1960s < http://en.wikipedia.org/wiki/Coinage_Act_of_1965 >, 10, 25, and 50 cent coins were made from 90% silver. A roll of 40 quarters (25 cent) from 1960 has a face value of US$10, and contains approximately 7.2 ounces of silver. Assuming a spot metal price of $17 per ounce of silver, this works out to about $122. If you took this roll of quarters to a coin dealer, they would give you roughly that amount. (Although they are no longer available in general circulation, 1960 quarters are relatively common, so there is little numismatic value beyond the silver price.) If you took that same roll of quarters to your local supermarket, they would only let you purchase $10 worth of goods with it. So what is the true value of that roll of quarters? $10 or $122? Hmmm.....

The biggest catch with owning physical bullion is you have to find a safe place (or places) to store it. Wherever you store it, you should not tell anyone because even if they are trustworthy, they might tell someone who is not.

Electronic or digital bullion < http://en.wikipedia.org/wiki/Digital_gold_currency > provides an alternative to owning an storing your own physical bullion. Be aware, however, that the regulations on this market are rather sketchy. Two of the more reputable companies are Bullion Vault < http://www.bullionvault.com/ > and Gold Money < http://goldmoney.com/index.html >. They will charge you fees for their service. Also, they are not "money laundering" outfits, so you will need to provide them with documentation verifying your identity, and transfering money into your account with them will leave an electronic record.

Finally, although you may want to convert your $11,000 worth of stocks into cash immediately, it would look suspicious if you suddenly withdrew all of that money from your bank account at once. (I believe that US banks have to file a form with the government for transactions over $10,000, but smaller amounts will still leave an electronic record.) In other words, hiding your assets will take time.

why not get a job rather than stealing money from people who do work?