inheritance

[Afraid]

im getting money around 30,000 from an inheritance will it effect my ssdi, i am not on medicaid, just medicare

[cheesecake]

What type of social security are you receiving? Are your benifits based on income and assets? If you are single and have MORE THAN 2000 in savings and investments, then you are most likely not on the type of Social Security that limits assets.

[Afraid]

social security disability insurance from working. i'm working pt now making about 700 a month as not to go over the limit
i have assests over 2000 dollars thank you for your quick answer

[cheesecake]

If you are on SSDI, work part time and have assets over 2000, then an inheritance will not impact your check. SSDI is not means tested, therefore you could be a millionair and still draw on it, as long as you are disabled and paid into the system.

[CapnGimp]

I received a land inheritance a few years back. I had medicare/medicaid(100% coverage) When I notified the various agencies, I lost medicaid(last 20% coverage) Had to go back to paying the deductables monthly.
Didn't affect my SSDI.

[Liz321]

If one were to win the Lotto would that effect ones SSDI/Medicare?

[2jazzyjeff]

Consult a Special Needs Trust lawyer!!! Don't speculate on what if. They know.

[justadildo]

if one were to win the lotto..........why would you need ssdi/medicare???

[Chris Chappell]

My partner and I do special needs trust work and investments.

Here's our link: http://fa.smithbarney.com/traboldchappell/

Justa - if you shelter assets appropriately one may still qualify for medical benefits. Otherwise, depending upon how much you win, you may still have to pay premiums as well as any catastrophic injury cost needs, etc.

[Tiger Racing]

if you shelter assets appropriately one may still qualify for medical benefits.
Can one put a small inheritance like this directly into a medical trust or some kind of IRA?

C.

[Sue Pendleton]

Can one put a small inheritance like this directly into a medical trust or some kind of IRA?

C.

Tiger, As long as your source of income is unearned and you only receive SSDI/Medicare then you're fine. I currently don't need every cent of my SSDI to live on so apply it to an IRA. If your spouse has a retirement program your IRA may not be totally deductible now so you might want to talk to a CPA the first year you file with an IRA. Trusts are different and depending on the type some states will take back any money in a special needs trust at death if you received SSI/Medicaid.

The big difference is whether your funds are from earned (wages) income or from unearned income (inheritaance, dividends, rent, etc.).

[cheesecake]

Can one put a small inheritance like this directly into a medical trust or some kind of IRA? C.

Generally, if a trust is going to be used for medical related expenses, then a Special Needs Trust that meets the IRS guidelines is the best way to go. You can establish your own special needs trust or access one under a non-profit that will manage it as well as cut the checks, etc for a minimal fee.

TR, if you have a trust and receive an inheritance, the ineritance could me given to "Tiger Racing Special Needs Trust". It could be used for your needs, but th inheritance would need to be written to the trust if you were doing this to maintain Medicaid, etc.

I have attached some resources.

[PN]

Shortly after I was injured I had a (Irrevocable) Special Needs Trust Fund established. It is my understanding that the money can be used for items that the state or government will not pay for, such as, if you need a watch, you can go out and purchase a Timex, but not a Rolex. The money can also be used to purchase a vehicle, such as a van with a lift and can even be used to purchase a home.

[robertmcarthur48]

I see from the forum that my SSDI won't be affected, but if I recieve the inheritance in lump form will it stop my medicare? This is somewhat important as I am only two days out of the hospital from a heart attack and a stent implacement in the left coronary artery and will be needing follow up help.

Thanks anyone. Oh, I am on medicare plan A only as I couldn't afford the other plans premiums. Also, I get some help from the VA for meds (with co-pay).