Ask Larry

Would I Be Penalized For Selling My House And Transferring It In A Pooled Trust Fund?

I. Own a small house, and have a pooled trust.
Each is a worth a somewhat modest sum.
I want to move out of state.
Will i be able to keep the money from
Selling the house and transfer it in the fund, or will i be penalized for this. I am
65. Have Ssi . Ss. Medicaid . Medicare.

Hi,

Selling your house and moving to another state wouldn't have any effect on your Social Security benefits or Medicare coverage. It could affect the amount of your Medicare premiums, though, depending on how much taxable income the sale produces (https://www.cms.gov/newsroom/fact-sheets/2020-medicare-parts-b-premiums-...).

Supplemental Security Income (SSI) and Medicaid are needs based benefits, though, so those benefits could potentially be adversely affected by the sale of your house and/or a change in your place of residence. How the sale would affect your benefits specifically would depend on a number of different factors, though, so you'll probably want to discuss this with someone from Social Security who has access to your records.

Best, Jerry

Category: 
Posted: 
Oct 26 2020 - 5:11pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.