2024 Should I charge my child rent? Social Security Issues that Family Members Need to Know Workshop

Social Security is a large system that is difficult to navigate! This session will go into more detail about the pitfalls of the In-Kind Maintenance and Support (ISM) rules. These are specific to the Supplemental Security Income (SSI) program and are often problematic for families. We will also cover the overlap between distributions from Special Needs Trusts and ABLE accounts, and how each might affect ISM. Join us for this in-depth workshop on social security!
Presenter:
T. Nikki Mitchell, Certified Elder Law Attorney, Mitchell, Brown & Associates, LLC
This workshop was recorded in February 2024 and there are changes to ISM calculations that will be implemented effective 9/30/2024:
www.federalreg...
0:00:00 Introductions
0:03:46 Basics of SSI rules
Program Operations Manual System (POMS): secure.ssa.gov...
0:08:13 SSI is a needs-based benefit. What does that mean?
0:12:22 SSI and earned income
0:14:32 SSI and unearned income
0:15:30 How earned and unearned income reduces SSI benefits
0:18:19 In-Kind Support and Maintenance (ISM)
Changes to ISM calculations as of 9/30/2024:
www.federalreg...
0:23:51 Value of One-Third Reduction (VTR) rule
0:27:32 Presumed Maximum Value (PMV) rule
0:33:11 Are ISM changes retroactive?
0:36:39 Preventing a reduction in SSI benefits
0:40:58 Room and Board Agreements for SSI recipients
0:42:19 Determining how much to charge the SSI recipient for rent or room and board
0:46:41 Can the SSI recipient's rental contract be retroactive?
0:47:22 Requirements of contacts/agreements signed by the SSI recipient
0:49:47 Signing the contract as both the landlord and the legal guardian of the SSI recipient
0:50:55 ABLE accounts as a strategy to decrease ISM reductions
0:56:22 Best practices - tips and tricks for decreasing ISM reductions
1:06:57 Tax implications of charging your child rent
1:07:36 Claiming your adult child as a dependent affects their benefits
1:08:22 Can home repairs be counted towards cost of shelter?
1:10:34 Does the lease need to be notarized or witnessed?
1:11:12 Increasing rent for the SSI recipient
1:12:43 Auditing expectations for SSI recipients
1:13:57 Property tax credit in Missouri and how it affects SSI
1:14:42 Having a rental agreement in place before being approved for SSI
1:17:03 Is a proof of deposit required when charging your child rent?
1:18:53 Claiming your adult child as a dependent and deeming rules
1:20:06 Social Security representative payee questions
Please email [e-mail] if you would like to receive a copy of the handouts from this event
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