Denied SSI disabilty over an annuity in probate?
I have an annuity that is not mature and I can not collect on for 10 more years at age 65. I was cut off of SSI for this being too much of a resource. Is there a certain way to word this annuity to SSI so that it does not count as a resource towards benefits?
I am disabled and 56.
- KenLv 69 years agoFavorite Answer
Disability and SSI are two different animals. To receive disability you have to be disabled. For SSI you basically can not have anything. And no, it will make no difference how you word it. You might give it away and see if that works.
- Sans DeityLv 79 years ago
No because what happens in 10 years when you get that annuity? You're going to keep getting your SSI checks. Best option: Get a job. Employers will still pay you even if you have an annuity, but unfortunately unlike SSI you actually have to earn your money.
EDIT: And yet you're not so disabled that you're unable to sit at a computer and type. Maybe you should look into getting an entry level data entry position somewhere instead of just expecting me to support you.
- Anonymous9 years ago
It is too late to convert it to a Medicaid Complaint Annuity but there may be a way of getting rid of the annuity. You can cash out the annuity with the insurance company but you will subjected to a penalty and taxes. Or you can trying selling your annuity on the secondary market for a cash lump sum payment. You wouldn't have a penalty, but you will most likely have to pay taxes on it because it is considered income. Plus the amount you receive will be less because the money will be worth less in the future.Source(s): http://rescuecapital.com/blogs/2011/12/ask-rescue-... http://rescuecapital.com/blogs/2011/05/rethinking-...
- 6 years ago
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