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1. www.avvo.com › legal-answers › what-do-you-do-ifWhat do you do if receive inheritance and are on SSI?

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   Sep 16, 2021 · Fortunately, there is a simple way to accept an inheritance without risking loss of SSI benefits. By setting up a special needs trust and depositing the inheritance into it, the beneficiary can continue to receive SSI while also getting the benefit of the inheritance. The funds in the trust are overseen by a trustee such as parent or family member.

2. smartasset.com › financial-advisor › ssi-and-inheritanceWill My Inheritance Affect My SSI Benefits? - SmartAsset

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   Receiving an inheritance can shrink or eliminate your SSI benefits, but there are strategies that you can use to minimize your losses. ...

3. Videos

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     The Impact of an Inheritance on SSI and SSDI Benefits

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     What Happens If You Inherit Money While On Social Security Disability? // Elder Needs Law

     Sep 21, 2022

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     Can you inherit money while on SSI?

     Sep 20, 2019

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4. www.thrivent.com › insights › social-securityHow to Keep Both SSI Benefits & Inheritance - Thrivent

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   Sep 26, 2024 · Estate planning and dealing with inheritances can be challenging—especially for people who receive supplemental security income (SSI) benefits. SSI is a needs-based program administered by the Social Security Administration to support disabled individuals and those older than 65 who have limited incomes or assets.

5. www.benefitsaid.com › can-ssi-take-your-inheritanceCan SSI Take Your Inheritance? - Benefits Aid

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   Feb 15, 2024 · Supplemental Security Income (SSI) has specific resource limits that recipients must adhere to. These limits are set to ensure that SSI benefits go to those who need them most. As of the latest guidelines, an individual must not have resources exceeding $2,000, while a couple’s limit is $3,000.

6. www.benefitsaid.com › will-inheritance-affect-myWill Inheritance Affect My SSI Benefits?

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   Nov 2, 2023 · Preserves eligibility for SSI benefits: By placing inherited funds into a trust, you can maintain your eligibility for SSI benefits while still benefiting from the inheritance. Provides supplemental support: The trust allows you to access funds for supplemental expenses that enhance your quality of life without jeopardizing your SSI benefits.

7. ask-a-lawyer.lawyers.com › elder-law › how-do-iHow do I accept a inheritance if I’m on SSI? | Lawyers.com

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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. Properly managing or ...

8. People also ask

   Can I accept an inheritance without losing SSI benefits?

   • Fortunately, there is a simple way to accept an inheritance without risking loss of SSI benefits. By setting up a special needs trust and depositing the inheritance into it, the beneficiary can continue to receive SSI while also getting the benefit of the inheritance. The funds in the trust are overseen by a trustee such as parent or family member.

   What do you do if receive inheritance and are on SSI?

   www.avvo.com/legal-answers/what-do-you-do-if-receive-inheritance-and-are-on-s-5352367.html

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   Can I receive an inheritance while on Supplemental Security Income (SSI)?

   • Yes, you can receive an inheritance while on Supplemental Security Income (SSI). However, it's important to note that inheriting assets or money may affect your eligibility for ongoing SSI benefits. It is advisable to explore options like setting up a special needs trust to protect both the inherited funds and your eligibility for SSI. 2.

   Will Inheritance Affect My SSI Benefits?

   www.benefitsaid.com/will-inheritance-affect-my-ssi-benefits/

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   Should I give up my SSI If I collect an inheritance?

   • If you collect an inheritance or your loved one, do not give it up immediately with the fear of losing SSI benefits. Before making these decisions, you can consult with an experienced Finity Law firm attorney to help you handle your situation better, without compromising your resources and benefits.

   SSI & Maintaining Benefits When Receiving Inheritances

   finitylaw.com/blog/ssi-maintaining-benefits-when-receiving-inheritances/

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   Does inheritance affect SSI benefits?

   • 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 receive it unearned (such as from an inheritance).

   Will Inheritance Affect My SSI Benefits?

   www.benefitsaid.com/will-inheritance-affect-my-ssi-benefits/

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   What happens if a disabled beneficiary inherits SSI?

   • A disabled beneficiary under the age of 65 will accept the inheritance and then transfer the funds to a trust with special needs or a pooled trust without affecting their monthly benefits. Once the trust retains the money, the beneficiary will be able to continue receiving SSI compensation, and the trust funds may be used to support him or her.

   SSI & Maintaining Benefits When Receiving Inheritances

   finitylaw.com/blog/ssi-maintaining-benefits-when-receiving-inheritances/

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   What happens if I receive an inheritance from Social Security?

   • Immediately after receiving an inheritance, you should notify your local Social Security office. If your inheritance exceeds $963, you'll be ineligible for benefits for at least one month. You'll remain ineligible as long as your resources are more than $2,000.

   How to Keep Both SSI Benefits & Inheritance - Thrivent

   www.thrivent.com/insights/social-security/receiving-inheritance-while-on-ssi-benefits-rules-to-know

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9. finitylaw.com › blog › ssi-maintaining-benefits-whenSSI & Maintaining Benefits of Inheritances - Finity Law Firm

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   Jan 8, 2021 · Receiving an inheritance can be a financial disaster for most people. Nevertheless, it can be a nightmare for those who earn some government benefits. Even a minor mistake will lead people to lose their income and health care services from receiving Supplemental Security Income or SSI, which provides benefits to disabled children and adults.