Acquiring Social Security disability benefits can prove to be a difficult process. There are so many steps involved in the application process that leave lots of room for error. In order to receive benefits, you will need to tell the Social Security Administration, or SSA, of all your assets. If this report is inaccurate, it can compromise your potential benefits. Here, we will discuss this process and how to send the right report.
First, it is important to understand what the Social Security Administration will consider assets when you are applying for disability benefits. The SSA will take into account a great many things when your application is received. The administration will review your bank accounts and savings accounts. They also review any cash you may have, along with your personal property, land, insurance policies, and your vehicle. When applying for social security disability benefits, you should gather all documents for these items, so you are aware of exactly how much you have in assets.
There are certain items that the Social Security Administration will not consider as assets when you are applying for disability benefits. One of those items includes life insurance policies that total $1,500 or less. The SSA also will not take into account any jewelry such as engagement rings or wedding bands, and they do not consider burial funds or spaces. Usually, grants and scholarships for school expenses are also not counted as part of your assets.
You will be eligible for social security disability benefits if you have worked enough time to earn the credits to qualify. However, the SSA will put a limit on the money you will earn through your work if you are going to receive disability benefits as you are not considered disabled if you can work. With that said, there are no limits on any potential unearned income.
Reporting your assets to the SSA is an important part of the benefits application process. While this can be difficult, to combat this, it is best to stay as organized as possible. If you are in North Carolina and are applying for social security disability benefits, calling in some assistance from a disability rights lawyer will help you keep track of your resources and get the benefits you deserve.