Your Questions About An Impaired Asset

November 30, 2012

Mary asks…

How can I find help for a disabled loved one who needs to find and transition to affordable housing?

My father is a diabetic who is visually impaired and suffers from neuropathy (nerve pain) and limited mobility. He is financially destitute, cannot afford his monthly expenses, and has exhausted all of his credit cards and savings. He lives in Suffern NJ and his only asset is a small condo, which is paid in full. He receives approximately $1,600 a month in disability, which must cover his maintenance, utilities, health insurance, food, and transportation to medical appointments. He can no longer afford his monthly bills, drive, or get around without help – and is alone.

We need to find him help with locating affordable housing in NYC (where he will be able to afford his monthly expenses, access public transportation, and be near family who can assist in the event of a medical emergency). He also needs help assessing his financial and legal situation re: his debt and current residence.

If anyone knows the right agencies or resources that can help him (together with his family) navigate through this, we would be incredibly grateful. Thanks to all.
Edit: To clarify, when I say “affordable housing” I don’t mean just a low rent apartment. Assisted living, independent living, or a continuing care retirement community are all options. We are open to whatever will get him the best outcome and let us worry a bit less. What I’m looking for is recommendations or contact info for finding him such an arrangement. Right now we are googling and calling whatever establishments we can find but it would be great to hear from someone with experience as to where we should really start.

admin answers:

Not going to happen He is not a resident of NYC for at least 2 yrs. Your father belongs in an assisted living environment. Sell the condo and move him into one.

Mark asks…

Help with this small accounting problem?

Amortization and depletion entries

Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:

(A) On December 31, the company determined that $1,240,000 of goodwill was impaired.

(B) Governmental and legal costs of $1,333,500 were incurred on June 30 in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for one half year.

(C)Timber rights on a tract of land were purchased for $1,350,000 on February 16. The stand of timber is estimated at 7,500,000 board feet. During the current year, 2,000,000 board feet of timber were cut and sold.

1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items.

ItemImpairment, Amortization or
Depletion Expense

admin answers:

A. $ 1,240,000 Impairment
b. $ 44,450 Amortization ($1,333,500/15 x 6/12)
c. $360,000 Depletion (2,000,000/7,500,000 x $1,350,000)

John asks…

Your opinion on receiving SSI benefits?

Ok, I am hearing impaired, and I have been on SSI since I was about 5 or 6 years old. I am now 21 years old. I have graduated high school with high honors. I have a normal job that I have no problems with. I live life normally, I just don’t hear as well as others. Now, I understand being on SSI when I was a minor, but I just turned 21 and I dont consider myself “disabled”. My hearing problem has not kept me from doing anything. I just feel like I’m ‘cheating’ by receiving an SSI check every month that I don’t really NEED. Every month I’m suppose to report wages, and I have to report any kind of change that happens to my life. I’m working and saving up money, and I was told I couldn’t have more than $2,000 in assets without getting suspended from SSI. So, should I just remove myself from getting SSI? I honestly don’t need it and I’m not disabled. That money should be used for someone else who really needs it.
I’m already doing re-payments because my dad didn’t report wages or something at one time (he was my representative payee until now…they wouldn’t remove him until now). So I’m figuring since my dad is removed and I’ve reported my wages, that I’m going to get a letter saying I don’t qualify for SSI anymore…which is perfectly fine.

admin answers:

SSI, unlike SSAD, is a needs based program. It is both illegal and immoral to take money that you do not need and are not entitled to. Yes, you should tell them you would like to be out of the program…..otherwise, when they find out you are capable of working, they will request that the money be repaid.

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