Mom Needs to Move Closer? Time to Protect Her Assets
The cost of long term care is more than just financial. Our aging loved ones face the challenge of change and the caregivers add more to their plate of responsibility. To lessen financial and emotional stress, Strohschein Law Group can help you maximize private assets, increase access to public benefits, and ultimately enhance quality of life for everyone involved. We can help, we do this everyday for our clients.
Will My Mother’s Social Security and SSI Benefits Stop When She Sells Her House?
Q: My mother, who is 79, recently moved out of her home and into an apartment closer to me so I can help care for her. She receives both Social Security and Supplemental Security Income (SSI) benefits. When her house sells, will her benefits stop until all the money is gone? Does she need to report it to someone?
A: Yes and yes. Your mother’s SSI benefits will stop until the proceeds are spent down, and she must report her assets to the Social Security Administration. However, her Social Security benefits will continue unaffected by her resources.
To learn more about Social Security benefits, click here.
To learn more about Supplemental Security Income (SSI), click here.
If you need more clarification regarding your circumstances please give us a call 630-377-3241.