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  1. #1
    kloler is offline Junior Member
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    inheritance and ssi

    What is the name of your state (only U.S. law)? california
    my grandma just died and my dad is about to inherit the split proceeds of a home and life insurance. he wants to give the money to me and my husband. will that affect hiss ssi benefits? or is there anyway he can deny his inheritance and have it given to us? if my husband and i get the money, what kind of taxes will we have to pay?
  2. #2
    OHRoadwarrior is offline Senior Member
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    He needs to report the amount of the inheritance to SSI. He can only deny it and give it to you, if you are to receive it in the event he does not claim it. Highly unlikely.
  3. #3
    BL
    BL is offline Senior Member
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    SSA.GOV

    What is a "resource" in the SSI program? Answer
    Resources are the things you own such as cash, real estate, personal belongings, bank accounts, stocks and bonds that you can use for your support.
    To be eligible for SSI a person must have $2,000 or less in countable resources. A married couple must have $3,000 or less in countable resources. If you own resources over the SSI limit, you may be able to get SSI benefits while trying to sell the resources.
    Not all of your resources count toward the SSI resource limit. For example:
    the home you live in and the land it's on do not count.
    your personal effects and household goods do not count.
    life insurance policies may not count, depending on their value.
    your car usually does not count.
    burial plots for you and members of your immediate family do not count.
    up to $1,500 in burial funds for you and up to $1,500 in burial funds for your spouse may not count.
    if you are blind or have a disability, some items may not count if you plan to use them to work or earn extra income.
    You may also wish to read our material on "resources" in the booklet, "Understanding SSI" and in the SSI Spotlight on this subject.
    __________________________________

    How does disposal of resources affect SSI eligibility? Answer
    To be eligible for SSI a person must have $2,000 or less in countable resources. If the person alleges a transfer of resources, we must determine whether the resource transfer was valid. If the transfer was not valid, we may still count the resource toward the $2,000 limit. If the transfer was valid, the resource would no longer count toward the $2,000 limit.
    Transfers of resources may occur through any of the following types of transactions:
    Sale of property;
    Trade or exchange, one property for another;
    Giving away cash, property or bank accounts, etc.
    Since 12/14/99, giving away a resource or transferring it for less than it is worth can make a person ineligible for SSI for up to 36 months. The number of months of ineligibility depends on the value of the resource that was transferred or given away and the compensation, if any, that the individual received for that resource. For more information, please read our material on "transfers of resources" in the SSI Spotlight on this subject at [url]http://www.socialsecurity.gov/notices/supplemental-security-income/spotlights/spot-transfer-resources.htm[/url] or in the booklet "Understanding SSI."
    ______________________

    Will an inheritance affect my SSI benefits? Answer
    The money inherited from your brother is considered income for the month you receive it and could make you ineligible for that month, depending on the amount of the inheritance. If you keep the money into the next month, it then becomes a part of your resources. An individual cannot have more than $2,000 in resources to remain eligible. Call Social Security at 1-800-772-1213 and report the inheritance. They will tell you how your eligibility will be affected and what you can do to remain eligible.
    People who are deaf or hard of hearing may call our toll-free TTY number, 1-800-325-0778, between 7 a.m. and 7 p.m. on Monday through Friday.
  4. #4
    anteater is offline Senior Member
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    I don't know if the SSI regulations would permit a disclaimer of the inheritance without penalty.

    He could disclaim the inheritance. However, if he were to disclaim, he would be treated as if he had predeceased his mother. One would then have to look to the provisions of her will to determine what happens to the disclaimed share. A common provision in wills is to have the descendants of a predeceased beneficiary take the what the predeceased beneficiary would be entitled to. However, that is not a given.
  5. #5
    Onderzoek is offline Member
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    Quote Originally Posted by kloler View Post
    What is the name of your state (only U.S. law)? california
    my grandma just died and my dad is about to inherit the split proceeds of a home and life insurance. he wants to give the money to me and my husband. will that affect hiss ssi benefits? or is there anyway he can deny his inheritance and have it given to us? if my husband and i get the money, what kind of taxes will we have to pay?
    If your father disclaims an inheritance, it would be considered to be giving away money in order to qualify for SSI and he can have a non-payment penalty period of one to 36 months. What is so terrible about taking money that is rightfully his, morally and legally? Oh, it is so he can still get government assistance and keep the money in the family. Well, if his mother wanted that, she wouldn't have made him her heir.
  6. #6
    OHRoadwarrior is offline Senior Member
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    I just love the people getting free money, that want to find ways to deceive the government giving it to them.

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