I receive SSI benefits due to no income or resources. Due to death in the family, I may receive some inheritance money. If I buy a house with that money for self-support, can this affect in any way my SSI benefits like monthly payments and medicaid? I am very old and with serious heart condiion and it is important for me to maintain medicaid thru SSI. l
2006-12-16 05:25:11 · 4 answers · asked by Nania 1 in Business & Finance ➔ Personal Finance
You need to consult a lawyer who specializes in SSI benefits. There are so many conditions and terms that qualify or disqualify you for SSI and medicaid that you really need to be able to go into detail w/ someone.
My question to you is, if you are "very old" and have a "serious heart condition", why aren't you on Medicare??
Good luck!
Happy Holidays!
2006-12-16 05:33:34 · answer #1 · answered by Josi 5 · 0⤊ 0⤋
Put your inheritance in a trust or something that pays you a limited amount of money each month or buy property with the inheritance and put it in a trust. Your SSI benefits should be yours and they are not considered handouts unless you are taking more than you put in plus an average rate of interest. In theory, SS benefits are a government run savings plan like an IRA or 401K. Talk to a good estate planner. BTW, I can help make that inheritance money disappear if you need some help. ;-)
2016-05-22 23:33:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sounds illegal and impossible, but may depend on the amount of the inheritance. I know I lost my Medicaid and SSI in a similar situation.
2006-12-16 05:34:36 · answer #3 · answered by Oghma Gem 6 · 0⤊ 0⤋
Inheritance is not income. Does not get reported on your taxes.
SS doesn't know about it.
2006-12-16 07:21:26 · answer #4 · answered by zocko 5 · 0⤊ 0⤋