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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 113441
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I'm on SSI IGet $711 a month HUD VOUCHER pays part of my rent,

Customer Question

I'm on SSI IGet $711 a month HUD VOUCHER pays part of my rent, Medica through the county for health insurance, 60 a month for food. My parents are 85 an 83 . My Dad worked hard all his life took care of five kids my siblings are doing well.What would happen to my inheritance Around 100,000, is there anything I could do to just bank it an just get the interest? I have 3 sons I lost my youngest 5 years ago but he left me a Grandson I don't know what to do. My parents asked me to figure this out.How dose gifting work?
Submitted: 9 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 9 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, if you get an inheritance from your parents then you would lose your HUD voucher and also any supplemental benefits. However, if you have not received the inheritance, the best thing for you to do is have an irrevocable trust set up for you with you as beneficiary. This trust would not be considered for HUD or your other benefits. You would then be able to be provided for from the inheritance to cover what your entitlement benefits are not providing.
As far as gifting they can gift up to about $13,000 per person per year, but if they are gifting money to anyone and need medicaid within 5 years of the gift, then they will lose benefits of 1 month for about every $5500 gifted. So they need to be careful about the gifting as well.
You need to have them and you sit with a local trust and estates lawyer, because spending $3000 or so on an irrevocable trust now can save you your inheritance and can protect your parents money as well from medicaid and anyone else such as creditors.