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Ask Steve -- a.k.a. Oreport Your Own Ques...
Steve -- a.k.a. Oreport
Steve -- a.k.a. Oreport, Counselor, Information Professional
Category: Legal
Satisfied Customers: 1079
Experience:  Master's in Counseling - 30 Yrs - Helping Prof - 160 IQ - 57 Yrs. Life Exp 1000 Site-wide Accepts.
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Social Security Disability Income and Inheritance

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I'm on social security disability income. My mother is going to put my inheritance in trust so I don't loose my SSDI. How much can I withdraw a month from that trust without loosing my disability income? Is a bank the best place to set up a trust?       [email protected]

Continued eligibility for Social Security Disability Insurance (SSDI)
benefits is only affected by earned income (income from work you
do).  Since your inheritance is not income from your work -- it
has no direct effect on your benefits.



However, if your total yearly household income (from any source --
including your SSDI)) exceeds a certain amount (currently $25,000
for an individual) a part of your SSDI becomes subject to income
tax.  Here is more information.



So, basically, If you receive 2,080 or less per month from your inheritance -- your SSDI remains untaxable.



If you recieve Supplemental Security Income (SSI) the rules are quite different.



Trusts can be set up through banks, insurance or financial advisors, or
Attorneys.  The specifics of the trust contract determine which is
best.



Let me know if you need more input.  If not, thanks for the
opportunity to assist you... I would really appreciate your honoring my
efforts by 'pushing the button' and Accepting this answer.



Good Luck!



Steve


 














Steve -- a.k.a. Oreport and 9 other Legal Specialists are ready to help you
Customer: replied 11 years ago.
Reply to Oreport's Post: No Comment Added
Customer: replied 11 years ago.
Reply to Oreport's Post: What happens if my mother leaves me an inheritance in the form of a trust as set forth in her will and the bank is sold to another bank or merges with another bank before her will can be changed?
Trusts are not an area of specialty for me.  you may want to post
this a a new question in the Financial Catagory -- to make sure that
the most appropriate specialists see it.



Thanks in advance.



Steve