You MUST report the inheritance to the Social Security people who run the SSI program. The asset limit for SSI is $2,000. Any amount you go over that by, your benefits will be reduced or terminated until you spend that money down to the $2,000 limit. If you fail to report it and you are caught, you can be forced to pay back everything you received that you were not entitled to and you can be denied future benefits when you again qualify. You can also be prosecuted if you intentionally withhold this info to keep from losing benefits.
BUT - there IS something you can do, and if you are receiving a sizable inheritance, it may be worth paying a lawyer. You can set up a special needs trust that all of the inheritance goes into. The money will be managed by a trustee, not by you, and you can receive money from the trust only for certain purposes. This keeps SSA from counting that money toward your resource limit.
Of course it will - and you know it. SSI (supplemental security income) is the federal welfare program for the disabled or aged. You are allowed resources of $2000 if single; $3000 if married.
Doesn't matter what state you live in. SSI is a FEDERAL benefit. The rules and regs are the same nationwide.
I received an inheritance & I lost my SSI & medcaid. I don't know how much you inherited, but mine was over the limit although it wasn't that much. I then applied for medical insurance & as denied because of a preexisting condition. Then the ACA was passed & I had to pay a high amount for my premium & had a large deductible. Now my regular social security check is only $285.00 per month I started collecting at age 62. I'm still disabled but my inheritance actually hurt me in a lot of ways.
Answers & Comments
If it is over $2,000 you will lose your SSI. If you have an inheritance you should not be getting welfare.
You MUST report the inheritance to the Social Security people who run the SSI program. The asset limit for SSI is $2,000. Any amount you go over that by, your benefits will be reduced or terminated until you spend that money down to the $2,000 limit. If you fail to report it and you are caught, you can be forced to pay back everything you received that you were not entitled to and you can be denied future benefits when you again qualify. You can also be prosecuted if you intentionally withhold this info to keep from losing benefits.
BUT - there IS something you can do, and if you are receiving a sizable inheritance, it may be worth paying a lawyer. You can set up a special needs trust that all of the inheritance goes into. The money will be managed by a trustee, not by you, and you can receive money from the trust only for certain purposes. This keeps SSA from counting that money toward your resource limit.
Of course it will - and you know it. SSI (supplemental security income) is the federal welfare program for the disabled or aged. You are allowed resources of $2000 if single; $3000 if married.
Doesn't matter what state you live in. SSI is a FEDERAL benefit. The rules and regs are the same nationwide.
Yes it will..............................
I received an inheritance & I lost my SSI & medcaid. I don't know how much you inherited, but mine was over the limit although it wasn't that much. I then applied for medical insurance & as denied because of a preexisting condition. Then the ACA was passed & I had to pay a high amount for my premium & had a large deductible. Now my regular social security check is only $285.00 per month I started collecting at age 62. I'm still disabled but my inheritance actually hurt me in a lot of ways.
you need to ask social security this question, i get it myself and have wondered about that too if i ever inherited money
Depends on how much money. $312? Probably not. $3000? Maybe.
Cheque. And yes. Depending on the amount.