Inheritance windfall/High assets - LOW income

Chedva
Mon, 19 May 2008 09:17:24 +0000

And, since it is no longer liquid, it is no longer an asset by their standards.

Not true. Non-liquid assets are still assets. The only non-liquid assets that are not reported are the primary residence and specifically defined retirement accounts (I call these non-liquid since there are penalties to their withdrawal).

If you buy a second home, for example, that second home is an asset that must be reported.