Tag Archives: Gifts
SSI, Settlements/Inheritance, and Special Needs Trusts
Here is a popular question:
I’m on SSI, do I have to tell Social Security about an inheritance/settlement I am getting?
The answer is simple:
YES!
There is no point beating around the bush with this one. If you are on SSI and “come into money” whether it is a gift, inheritance or settlement (or through whatever means), you need to notify Social Security.
Supplemental Security Income (SSI) is a “needs-based” program. You only get it if you do not have money coming in from other sources. So, if you suddenly get some money, your benefits may be reduced or even cut off.
Even worse for some people is the potential loss of Medicaid.
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