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Author Topic: Inheritance & Benefits  (Read 3273 times)

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Offline TnMan62

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Inheritance & Benefits
« on: July 21, 2013, 07:19:42 PM »
I am curious if anyone knows how getting an inheritance, either property, or money, or both, might affect benefits like Medicaid, and/or other social services. As I understand, it does not affect SSDI Benefits???

Offline jkinatl2

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Re: Inheritance & Benefits
« Reply #1 on: July 21, 2013, 08:49:06 PM »
I don't have any answers, but have all of the same questions. I hope you get some replies!

"Many people, especially in the gay community, turn to oral sex as a safer alternative in the age of AIDS. And with HIV rates rising, people need to remember that oral sex is safer sex. It's a reasonable alternative."

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Welcome Thread

Offline Habersham

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Re: Inheritance & Benefits
« Reply #2 on: July 21, 2013, 09:29:57 PM »
For SSI you may have up to $2000 in resources.

http://www.socialsecurity.gov/ssi/text-resources-ussi.htm

However, you are allowed to own - the car that you drive
and the house that you live in. Therefore, if you acquire these two items you should not have any issues. Also, if you receive a cash settlement from an estate and use it to PURCHASE either or these items you may still receive benefits but situations vary.
Things like jewelry and furs would qualify under household goods.
 
The rules for Medicaid and ADAP are similar. It's a large sum of cash that is problematic.
Because I Can

Offline mitch777

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Re: Inheritance & Benefits
« Reply #3 on: July 22, 2013, 08:46:14 AM »
I don't have much to add other than ADAP asset limits probably vary from state to state. In CT there is no asset limit and the income limit is 400% above poverty level.
32 years hiv+ (oct. 2013) with a curtsy.

Offline BT65

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Re: Inheritance & Benefits
« Reply #4 on: July 22, 2013, 06:36:30 PM »
For SSI you may have up to $2000 in resources.

http://www.socialsecurity.gov/ssi/text-resources-ussi.htm

However, you are allowed to own - the car that you drive
and the house that you live in. Therefore, if you acquire these two items you should not have any issues. Also, if you receive a cash settlement from an estate and use it to PURCHASE either or these items you may still receive benefits but situations vary.
Things like jewelry and furs would qualify under household goods.
 
The rules for Medicaid and ADAP are similar. It's a large sum of cash that is problematic.

This is for SSI and the op asked about SSDI.  The resource limit and situation may be different as there are different limits for working while receiving the two.  I would check with SSA.
I've never killed anyone, but I frequently get satisfaction reading the obituary notices.-Clarence Darrow

Offline Schnauzer

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Re: Inheritance & Benefits
« Reply #5 on: July 27, 2013, 01:19:16 PM »
SSDI (Social Security Disability Insurance) is based entirely on the extent that your disability affects your ability to work and earn money, and, therefore, has nothing to do with your financial resources, e.g. home ownership, car ownership, pensions, 401k, savings accounts, etc. 

If you receive Medicare, which most people on SSDI do, your available resources will affect your eligibility for "special help" with Plan D (prescription drug plan) and (maybe) the premium on Part B (medical insurance), but not the premium on Part A (hospital insurance).

For example, if you received a substantial inheritance your SSDI will not be affected, but your premiums for Medicare Part B and Part D as well as your prescription drug co-pay may increase.

The SSA/Medicare is very good at "front-end" investigation. It is very likely to find out if you have a sudden increase in financial resources.  The agency does frequent audits on recipients of SSI and Medicare assistance programs. So there is no point in hoping a surge in (traceable) financial resources will go unnoticed. Get ahead of the game and notify the SSA if your resources substantially change.

Hope this helps.
One good turn gets most of the blankets.

Offline bocker3

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Re: Inheritance & Benefits
« Reply #6 on: July 27, 2013, 08:50:44 PM »
For example, if you received a substantial inheritance your SSDI will not be affected, but your premiums for Medicare Part B and Part D as well as your prescription drug co-pay may increase.

Really??? it is that "wide open" on inheriting money?  So, if someone on SSDI inherits $10 million dollars, they will continue to receive cash from the government??  I would think there should be some allowance for an inheritance of modest size, but seems crazy to me if it really is completely divorced from amount received.

Mike 
Atripla - Started 12/05
Reyataz/Norvir - Added 6/06
Labs - Pre-Meds
Sep05 T=350/25% VL98,559
Nov05 288/18%  47,564
Current Labs
May2013 691/31% <20

Offline Schnauzer

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Re: Inheritance & Benefits
« Reply #7 on: July 27, 2013, 09:56:39 PM »
SSDI is based on the wages you've earned over the course of your working life, just as Social Security retirement is.  Most wage earners in the US pay 12.4% of their paycheck as a Social Security Tax (more exactly - a wage earner pays 6.2% from their paycheck and his/her employer pays the other 6.2%).

Neither SSDI nor SS is "money from the government" (at least not in the sense that "money from the government" implies free cash.)
One good turn gets most of the blankets.

Offline bocker3

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Re: Inheritance & Benefits
« Reply #8 on: July 27, 2013, 10:58:36 PM »
SSDI is based on the wages you've earned over the course of your working life, just as Social Security retirement is.  Most wage earners in the US pay 12.4% of their paycheck as a Social Security Tax (more exactly - a wage earner pays 6.2% from their paycheck and his/her employer pays the other 6.2%).

Neither SSDI nor SS is "money from the government" (at least not in the sense that "money from the government" implies free cash.)
I get what you are saying, but SSDI is different, in that most folks will not put a claim in for it.  So, even leaving the issue of it is cash from the gov't or not..... There IS a difference between them (else the rules would be the same).  If SSDI is to replace wages and you inherit enough to live better than the folks who are currently paying the tax from wages, well......  Logic should kick in here, but our gov't rarely runs on logic.  Small changes like that would do so much to ensure this money is available for those who really do need it.

To be clear.....  I am NOT talking about modest inheritances that do not set one up for life.  I am simply saying that there SHOULD be common sense limitations where it makes sense.

Mike
Atripla - Started 12/05
Reyataz/Norvir - Added 6/06
Labs - Pre-Meds
Sep05 T=350/25% VL98,559
Nov05 288/18%  47,564
Current Labs
May2013 691/31% <20

Offline mitch777

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Re: Inheritance & Benefits
« Reply #9 on: July 28, 2013, 09:42:13 AM »
Really??? it is that "wide open" on inheriting money?  So, if someone on SSDI inherits $10 million dollars, they will continue to receive cash from the government??  I would think there should be some allowance for an inheritance of modest size, but seems crazy to me if it really is completely divorced from amount received.

Mike
That's the way it works. Actually, if you are a self made billionaire (without an inheritance) you are still entitled to these benefits. No wonder the system is going broke. Some wealthier folk claim that they should get the benefits as they have paid into the system like everyone else. I believe some means testing is needed. Why in the heck would someone making a million dollars a year need extra 20 grand or whatever from the federal government. SS means Social Security after all doesn't it?
32 years hiv+ (oct. 2013) with a curtsy.

Offline bocker3

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Re: Inheritance & Benefits
« Reply #10 on: July 28, 2013, 11:10:29 AM »
That's the way it works. Actually, if you are a self made billionaire (without an inheritance) you are still entitled to these benefits. No wonder the system is going broke. Some wealthier folk claim that they should get the benefits as they have paid into the system like everyone else. I believe some means testing is needed. Why in the heck would someone making a million dollars a year need extra 20 grand or whatever from the federal government. SS means Social Security after all doesn't it?

Yep -- and that's the frustrating part for me.  I am fairly certain that SS was NOT EVER meant to be seen as a guarantee -- it was not designed as individual saving accts.  There should be no entitlement to the money "you paid in".  It should be means tested.  Think of the current set up -- those who have made the higher wages throughout life (and who most likely have other retirement income sources) get the higher payouts.  Those who have made lower wages and probably have smaller, if any, addition retirement sources get less.  It should be, at worst, reversed or at best, nothing for those with more than XXXXXX dollars.  Not to mention that the original age (not much different from today's) was beyond the, then current, life expectancy.

Ah well, as I indicated -- our gov't rarely runs on logic and we must remember, the wealthy not only vote, but give larger campaign contributions, so this isn't surprising.

Mike
Atripla - Started 12/05
Reyataz/Norvir - Added 6/06
Labs - Pre-Meds
Sep05 T=350/25% VL98,559
Nov05 288/18%  47,564
Current Labs
May2013 691/31% <20

Offline mitch777

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Re: Inheritance & Benefits
« Reply #11 on: July 28, 2013, 11:45:12 AM »
Yep -- and that's the frustrating part for me.  I am fairly certain that SS was NOT EVER meant to be seen as a guarantee -- it was not designed as individual saving accts.  There should be no entitlement to the money "you paid in".  It should be means tested.  Think of the current set up -- those who have made the higher wages throughout life (and who most likely have other retirement income sources) get the higher payouts.  Those who have made lower wages and probably have smaller, if any, addition retirement sources get less.  It should be, at worst, reversed or at best, nothing for those with more than XXXXXX dollars.  Not to mention that the original age (not much different from today's) was beyond the, then current, life expectancy.

Ah well, as I indicated -- our gov't rarely runs on logic and we must remember, the wealthy not only vote, but give larger campaign contributions, so this isn't surprising.

Mike
I agree with everything said. I can't remember hearing from a large number of the wealthy that would get upset with means testing. Some, yes, but I doubt they would get much sympathy. Seems like a rather simple solution to help aid in the salvation of SS for those who ARE in need. Not sure why a wealthy person would give a large campaign contribution to suck out a relatively small amount of money (by their standards). I find fault with any member of congress who hasn't seen the light. Yup, I'm not sure if the word "logic" is understood in Washington. ::)

PS- I believe means testing should apply to SS retirement benefits as well.
32 years hiv+ (oct. 2013) with a curtsy.

Offline 2tcells

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Re: Inheritance & Benefits
« Reply #12 on: September 26, 2013, 03:30:59 PM »
For SSI you may have up to $2000 in resources.

http://www.socialsecurity.gov/ssi/text-resources-ussi.htm

However, you are allowed to own - the car that you drive
and the house that you live in. Therefore, if you acquire these two items you should not have any issues. Also, if you receive a cash settlement from an estate and use it to PURCHASE either or these items you may still receive benefits but situations vary.
Things like jewelry and furs would qualify under household goods.
 
The rules for Medicaid and ADAP are similar. It's a large sum of cash that is problematic.




this is correct you may have 1 house and 1 car value of them is not a issue. 1million doller house or 20,000 doller shack. you may have land but only if you live on it, say you have a big lot you may have 2-3 or more houses if they are on the same plot of land and you live in one of them and they have the same addresses. if you get cash you have to spend it by the first of the month after you got it or you will not get paid the suplemental security income for every month you have over 2000 in recorces. resorces can be cash or valubales example: 2nd car, 2nd house with different address, jewlery, electronic ect.

hope that helps
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Wolfey

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Re: Inheritance & Benefits
« Reply #13 on: September 27, 2013, 02:43:22 PM »
HI-
Here's my experience:
I get SSDI and my all my kids get money from my claim.  Last year my triplets got awarded SSI for their own disabilities and started getting additional payments. At the beginning of this month, I moved out of my house that I own( not outright) and moved into a house I am renting in a better school district.  I had called social security to update my address and a few weeks ago, they called to review the triplets cases and they took away their SSI payments starting in Oct because I own the house I am not living in.  Their logic is I could sell the house and make money off it?  I am going to talk to a lawyer about it in October, it doesn't seem like they should take payments away immediately, I don't know anyone that can get a house ready to sell and actually sell it in a month.
Good luck!

Offline tednlou2

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Re: Inheritance & Benefits
« Reply #14 on: September 29, 2013, 12:20:06 AM »
Yes, you can inherent $100 million and still be eligible for SSDI.  Personally, I think there should be a cut off for anyone to receive social security.  And, I think they need to raise the cut off when people stop paying into it.  I think it is somewhere around $100,000 a year, and you don't pay more over that.  But, I digress.

I had someone tell me that there is some trust (or some kind of account) you can put your inheritance into, to avoid problems with SSI and other services.  Not sure if they are correct or what the trust is called.  I would ask an attorney.  I mean, it would be a shame for someone to lose benefits over a modest inheritance. 

 


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