Inheriting money while on ssi
What happens if I inherit a house while I am on social security disability. I already have my own home. Can I Answered by a verified Social Security Expert What happen's if I inherit a house while I am on social security disability. I already have my own home. a son or daughter of a person is disabled and has been collecting socialHowever, if you receive Supplemental Security Income (SSI), then you likely will have your benefits cut or potentially eliminated. The receipt of any money will be counted as a resource affecting what you receive. However, even with SSI, there are some wrinkles that may shelter your benefits upon receiving an inheritance. inheriting money while on ssi
For example, many people wonder if they will lose benefits or be denied if they receive money through an inheritance or other sudden influx of money. Generally speaking, you will not lose Social Security disability benefits or have them decreased if you come into some money through an inheritance or other financial windfall, as noted in this article in AARP.
Supplemental Security Income is a means tested program, and therefore, any changes in the amount of assets that you own or changes in the amount of income that you receive from an inheritance may affect your monthly Supplemental Security Income benefits. Inheritance Received While on Social Security. If you receive an inheritance while receiving any money from the SSA, it is a good idea to research if and how that money will affect your benefits. As a general rule of thumb, if you are receiving social security benefits either as part of social security disability or retirement, this incomeinheriting money while on ssi The Social Security Administration's website states that if you receive an inheritance while on SSI, you may become ineligible for benefits in the month you receive the inheritance. If you have not spent the inheritance in that month, the money is considered a resource
Supplemental Security Income (SSI) beneficiaries must cope with very stringent income and asset rules in order to receive benefits. One of the easiest rules to remember is the resource allowance: a single SSI beneficiary may own only 2, 000 of countable resources. inheriting money while on ssi Can an inheritance affect social security benefits? Asked by someone from Guntersville, AL on. Will my inheritance bother my social security checks for 2013? I will be left money by my father after he passes away. If you are a Social Security Disability Insurance (SSDI) recipient and receive an inheritance, it will not affect your benefits. SSDI is not a needsbased program and is not contingent upon your unearned incomeincluding inheritance. Inheritances. Since the Social Security Administration considers inherited money as income, your inheritance could make you ineligible for SSI benefits during the month in which you receive the inheritance. But, it is considered income only in the month you receive it; after that, it is considered part of your resources. A way to preserve benefits. A trustee manages the inheritance, which can be used to benefit the SSI recipient. The trust can pay for food and shelter, which reduces SSI income no more than about 260 a month. (The average monthly benefit was 542 in April. ) Money paid to others to provide medical care, utilities, education and entertainment does not reduce SSI benefits.Rating: 4.99 / Views: 820