Our attorneys have local offices and counsel clients throughout West Coast of Florida, North Florida, Central Florida, South Florida and the Panhandle. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. What are the attorney’s fees for my Social Security Disability Case? A trustee manages the inheritance, which can be used to benefit the SSI recipient. Someone can give you money into a trust, or you can inherit money this way, and it will not affect SSI … Website developed in accordance with Web Content Accessibility Guidelines 2.0. People who have estates worth more than $5 million may want to put money into a special needs trust to shelter it from estate taxes, but the gift is irrevocable — which means it can’t be reversed — and assets in the trust quickly incur high marginal tax rates, Nadworny says. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. For most people, an inheritance is a windfall. We do not include the universe of companies or financial offers that may be available to you. So if a beneficiary disclaims her inheritance, the SSA calls the disclaimer a transfer of resources because the beneficiary is giving up control of the resource, even if she never had the money in her bank account. Get insider access to our best financial tools and content. In Florida, as in various other jurisdictions, if you are a recipient of Supplemental Security Income (SSI) benefits, then your benefits may be substantially affected in the event that you receive an inheritance. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. The Social Security Administration (SSA) considers an inheritance, even if it is never actually distributed to the beneficiary, as a resource for SSI purposes. By disclaiming the inheritance, you may be subjected to a penalty period of up to three or more years, during which you will not receive benefits. However, receiving an inheritance most likely won’t affect your ability to receive Social Security Disability. However, if you are receiving Supplemental Security Income and inheritance, a careful … A Los Angeles disability benefits lawyer can provide assistance in protecting access to essential disability benefits. An inheritance which pays out monthly income could also push you over the income threshold and prevent you from qualifying for SSI. Applying For Social Security Disability Benefits. SSI recipients can lose their eligibility if they have assets over $2,000 for an individual and $3,000 for a couple. This can happen for any number of reasons, but we often see this happening if a person receives an inheritance or settles a personal injury claim. Can an Inheritance Affect Your SSI Benefits? What if there is no such structure in place, however? She has a bachelor’s degree in economics and is a graduate of the Certified Financial Planner training program. To ensure that you are making the requisite disclosures (without undermining your position), make sure to consult with an SSI lawyer to guide you through the process. Which certificate of deposit account is best? For those receiving certain government benefits, though, it can be a disaster. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Feb 25, 2010. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. SSI and Medicaid recipients will be allowed to have up to a $100,000 ABLE account without affecting their eligibility for these benefits.
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