State of WA
I just turned 65 and am learning about SSI and SSDI, and how to potentially structure things.
I am interested in receiving any and everything I can qualify for, (and can position myself to qualify for), yet am not interested in committing fraud, or having to repay any benefits.
I have a very limited income of about $80 a month, about $800 in a bank account, and no other assets - except two. Those two assets, TWO cryptocurrency funds at a couple of exchanges, is the root of the issue.
One of my "assets" is a stellar relationship with my mom, and another friend - both of whom trust me, as I do them, 100%. I have carte blanche relationships with them.
Although essentially assetless in every other regard, I helped my mom open a $1000 crypto account. Even though I ran the $1000 through my bank account, the funds were quickly transferred into her own account. (It's probably illegal, or some kind of nasty commingling to do something nice for your 89-year old mom - oh, well. I read that a person might be required to register with the SEC in order to help a mom invest $100. How absurd.)
For SSI, I was told that a loan to me does not affect my qualification, yet a gift does. (I am clueless about SSDI.) I can easily find a promissory note, and the $1000 can be considered a loan that was immediately repaid if that's what works. The money shows in my bank account as a deposit, and as having been quickly spent. That's for fund #1.
Same situation for fund #2, except that it's about $8,000 of gift/loan/whatever-we-want-to-call-it money from a friend, and I am managing it. It's in my name attached to my accounts. Perhaps we should have an agreement to not cash in for a couple of years. I read that there are issues about funds being "spent" within 30 days. This is (obviously) not my field. I'll not be going to the trouble of learning about and setting up trusts....yet.
The funds are doing VERY well (>300% over a few months), and there are no plans to turn these cryptos back in USD (a potentially taxable event) for a very very long time - maybe a whole year.
Are the issues/questions obvious? Like, how do I set these issues up to cover myself and still qualify for SSI or SSDI?
Or, should I just forget about SSI/SSDI?
I'm too old, and unwilling to go to law school - that's why I am here.
Thanks in advance for your consideration, reflections and opinions.
I just turned 65 and am learning about SSI and SSDI, and how to potentially structure things.
I am interested in receiving any and everything I can qualify for, (and can position myself to qualify for), yet am not interested in committing fraud, or having to repay any benefits.
I have a very limited income of about $80 a month, about $800 in a bank account, and no other assets - except two. Those two assets, TWO cryptocurrency funds at a couple of exchanges, is the root of the issue.
One of my "assets" is a stellar relationship with my mom, and another friend - both of whom trust me, as I do them, 100%. I have carte blanche relationships with them.
Although essentially assetless in every other regard, I helped my mom open a $1000 crypto account. Even though I ran the $1000 through my bank account, the funds were quickly transferred into her own account. (It's probably illegal, or some kind of nasty commingling to do something nice for your 89-year old mom - oh, well. I read that a person might be required to register with the SEC in order to help a mom invest $100. How absurd.)
For SSI, I was told that a loan to me does not affect my qualification, yet a gift does. (I am clueless about SSDI.) I can easily find a promissory note, and the $1000 can be considered a loan that was immediately repaid if that's what works. The money shows in my bank account as a deposit, and as having been quickly spent. That's for fund #1.
Same situation for fund #2, except that it's about $8,000 of gift/loan/whatever-we-want-to-call-it money from a friend, and I am managing it. It's in my name attached to my accounts. Perhaps we should have an agreement to not cash in for a couple of years. I read that there are issues about funds being "spent" within 30 days. This is (obviously) not my field. I'll not be going to the trouble of learning about and setting up trusts....yet.
The funds are doing VERY well (>300% over a few months), and there are no plans to turn these cryptos back in USD (a potentially taxable event) for a very very long time - maybe a whole year.
Are the issues/questions obvious? Like, how do I set these issues up to cover myself and still qualify for SSI or SSDI?
Or, should I just forget about SSI/SSDI?
I'm too old, and unwilling to go to law school - that's why I am here.
Thanks in advance for your consideration, reflections and opinions.
Social Security Issues: Ssi, Ssdi, Loans, Gifts - How to Structure to Qualify - or Not
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