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Sep 16, 2021 · Website. (228) 284-0696. Message View Profile. Posted on Sep 16, 2021. If you are on SSI any income you receive needs to be reported and will count against you in terms of benefits. Fortunately, there is a simple way to accept an inheritance without risking loss of SSI benefits.
Sep 26, 2024 · 4. Consider a special needs trust. A special needs trust could allow you to receive a larger inheritance without affecting SSI and related benefits. Suppose your mom wants to leave you a $1 million life insurance death benefit. She could make your special needs trust the beneficiary to avoid disqualifying you.
Feb 15, 2024 · The answer is nuanced. SSI itself doesn't directly take your inheritance, but receiving an inheritance can impact your SSI benefits. If the inheritance increases your total resources above SSI's resource limits ($2,000 for individuals and $3,000 for couples), it can affect your eligibility. Inheritances are considered unearned income in the ...
Receiving an inheritance can shrink or eliminate your SSI benefits, but there are strategies that you can use to minimize your losses.
Dec 12, 2018 · 1) Timing: In order to minimize the loss of SSI and Medicaid, goods and services must be purchased in the same calendar month in which the lump sum is received. See SI 01110.600. Note that the individual does not have a period of a month or 30 days to complete the spend down. If a lump sum is received on the 20th of August for example, the ...
Nov 2, 2023 · The short answer is yes. The SSA considers any income received as part of your resources. This means that if you receive a significant sum of money or assets through inheritance, it could affect your eligibility for SSI benefits. If you receive SSI benefits, it will be affected by any income you receive, whether you earn it (such as a job) or ...
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Jun 5, 2023 · A properly drafted SNT can hold your inheritance funds while still allowing you to maintain eligibility for means-tested government benefits. Follow SSI resource limits: SSI has strict resource limits, which include both income and assets. Depending on the value of your inheritance, it may put you over the resource limit.
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