SSI and a joint ownership of a Fidelity Stock Portfolio.?

So this is probably best for a lawyer to answer however I dont have the time and money. Essentially my girlfriend is on SSI due to disability and I was trying to figure out if she could have joint ownership of a stock portfolio in the event should I die. So technically she would always have ownership in the profile 50/50, however full ownership would not transfer too her until such time as I were to die. So my question is: Can I set up this account with her name and information and her not take a hit to her social security? And if so, does she need to report it on her SSI?

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  • 1 month ago

    If I understand you correctly you are suggesting a trust with your girlfriend as a beneficiary. A lawyer can do that for you. You can also simply make her the beneficiary of your stocks with your stock broker company. Neither of those will have any affect on her SSI benefits. You can set up the trust so you have complete control over everything in the trust (bank accounts, stocks, investments,and  property) but they pass to her on your death. There are also other options you might want to discuss with your bank or an attorney.

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  • Judith
    Lv 7
    1 month ago

    You don't need a lawyer for this.  Rules are pretty simple when it comes to resources.  If single a person is no longer eligible if they have resources of $2000 or more; $3000 if married.  Based upon the law this is something she would need to report if her share equals $2000 or more.  Changes are to be reported to social security within 10 days of the change.

    Maybe you don't get what SSI is.  SSI is supplemental security income.  It is a welfare program.  It is NOT social security even though it is managed by the social security administration.

    SSI makes it very clear what must be reported.  If someone is in doubt they need to call social security 1-800-772-1213 NOT ask someone on Yahoo what they should do and what impact it will have on entitlement.

    If she doesn't know what needs reporting then she  needs to start reading her notices from social security or visit their website ssa.gov.  She is required by law to report changes in income, resources of $2000 or more and changes in living arrangements.  These changes impact either the amount of the SSI benefit or entitlement.

    When resources equal $2000 or more a person is ineligible for SSI until they are spent down to under $2000 and SSI requires proof of spend-down. 

    I was a SS claims rep for 32 yrs.

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  • 1 month ago

    SSI is Supplemental Security Income, not Social Security retirement or disability benefits. Yes, she must report the asset, and SSI is a means-tested benefit (unlike paid-in insurance through Social Security), so it will affect her benefits, perhaps eliminate her eligibility.

    • Judith
      Lv 7
      1 month agoReport

      Wrong.  A person either gets SSI Disability or they get SSI Aged (age 65 or older).  Otherwise your answer is correct.  Social Security benefits include disability as well plus retirement & survivor benefits.

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  • 1 month ago

    That would make her exceed the asset limit.  

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  • 1 month ago

    i think she needs to ask ssi this question

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  • 1 month ago

    SSI isn't means tested, but medicaid is, so she doesn't want to have a bunch of money in her name. 

    You can make her a beneficiary, or set up a trust.  That will protect her from having it snatched by a creditor or something.

    • Judith
      Lv 7
      1 month agoReport

      SSI IS means-tested.  SSI is a federal welfare program.  It is NOT social security.  You are confusing SSI with social security.  Two entirely different types of programs.

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