However, receiving an inheritance most likely won’t affect your ability to receive Social Security Disability.
If you are receiving Social Security through retirement benefits, you will likely not be affected by measures governing inheritances, and the same is true for receiving Social Security Disability and inheritance. However, if you are receiving Supplemental Security Income and inheritance, a careful financial analysis must be performed to ensure that you remain eligible.
Social Security is a government program which provides a monthly check because you are retired and age 62 or older. Social Security is not a “means tested program” – meaning your eligibility is not affected by receiving assets or income from an inheritance or any other way.
Social Security Disability is a program that provides cash benefits to disabled people regardless of age. Like Social Security, SSD isn’t a means tested program, so in the eyes of the Social Security Administration, it’s OK to receive an inheritance and social security disability. This is also true for any other increase in your assets or income.
Supplemental Security Income (SSI), on the other hand, provides financial benefits to disabled adults and children who have limited income and resources. This means that SSI is a means-tested program, so any changes in the amount of assets that you own, or changes in the amount of income that you receive may make receiving SSI and inheritance against the rules.
As a result, if you receive SSI and inheritance is headed your way you must report it to the Social Security Administration as soon as you receive the money. If the inheritance pushes your assets over $2,000 as a single person, or$3,000 if you are married, you may no longer be eligible to receive the benefits.
While it’s a good thing that you no longer must rely on SSI to make ends meet, be sure you budget responsibly, so that you don’t end up in the same situation again.
If you have further questions about SSI and inheritance, please contact Lemoine Law firm at 888-468-3741, send a message; or chat online with a representative any time.