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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10144
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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Collecting SS Disability and 68 years old, if they inherit

Customer Question

collecting SS Disability and 68 years old, if they inherit $43,000
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.
Customer: can they be penalized for this money. This person only get $723.00 month
JA: Is there anything else important you think the Retirement Accountant should know?
Customer: Lives in retirement home based on income.
Submitted: 1 month ago.
Category: Social Security
Expert:  Lane replied 1 month ago.

Hi, the answer depends on whether this is SSI or SSDI.

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Supplemental Security Income (SSI) is a United States government program that provides stipends to low income people who are either aged 65 or older, blind, or disabled.

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Social Security Disability Insurance (SSDI) is available to workers who have accumulated a sufficient number of work credits and are disabled under SSA's definition of disability.

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SSI is means tested and almost ANY form of financial help (inheritance, dividends, rents, interest, gifts from family or friends, etc.) will limit (temporarily) the payments that are received.

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However, a those that have worked long enough to receive SSDI are only limited by EARNED income. (inheritance, dividends capital gains, interest, etc., will not affect the benefit)

Expert:  Lane replied 1 month ago.

Please let me know if you have ANY questions at all, before rating me.

I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content. Otherwise I’ll receive no compensation for the work here at all, from JustAnswer.

Thank you!

Lane

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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