SSA has a list of assets that don’t count against your asset limit. In other words, you can own these things and still be eligible for SSI. Here are the most significant things on the list:
Your home. It can have any value; but if you move out and rent out the house, it becomes an asset and is counted.
Household goods and personal effects valued up to $2,000. (Note: The value of such things is what you can get for them at a garage sale.)
Wedding and engagement rings.
Household goods and personal effects required because of your physical condition, such as wheel chairs, hospital beds, etc.
A car of any value as long as it is necessary for employment, necessary for medical treatment, modified for handicapped use, or is otherwise necessary. If none of these rules apply, then there is a $4,500 limit on the value of a car.
If life insurance has a face value not exceeding $1,500, its cash surrender value won’t be counted as an asset.
Term insurance, that is, life insurance which does not have any cash surrender value.
Burial funds up to $1,500 (as long as you don’t use the exclusion of $1,500 face value life insurance).