Full question:
My husband is going through cancer treatments. I wanted to apply for food stamps. They wanted a list of all cash, checking and savings accounts. Do I have to list our 401k? Does the government expect us to withdraw our money from there. There will be a penalty not to mention we will have nothing when we retire, social security sure won't be there for us. Also, they wanted to know about all savings accounts. Am I expected to drain my children's megar savings accounts? What am I required legally to disclose?
- Category: Debts and Credit
- Date:
- State: Illinois
Answer:
When applying for food stamps, you must disclose all cash, checking, and savings accounts. This typically includes any 401k accounts, as they are considered assets. However, the government does not expect you to withdraw money from your 401k, especially if it would incur penalties or jeopardize your retirement savings.
Regarding your children's savings accounts, you are also required to disclose these. However, the expectation is not to drain these accounts. The focus is on providing a complete picture of your financial situation.
For specific guidelines and requirements, you can refer to your state's Department of Human Services or similar agency. Users can search for state-specific legal templates at .
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.