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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16576
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I lost my Medicare part that was paid due to me being on

Customer Question

I lost my Medicare part B that was paid due to me being on SSDI, I inherited money from my parents trust. I thought inheritance was not income.
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: Been on SSDI now for about 10 years do to arhritis.Social Security pays me 1012.00 a month. I have no other income. I got the extra help because my income was so low. I inherited about 185.000 and put 116.000 in a home and spent plentt fixing up. They said I wwould now get 200.00 less and wit will now come out of my check since I owe them now.
JA: Is there anything else the Retirement Accountant should be aware of?
Customer: I also put 40.0000 in an irrevocable trust, leaving me the rest of my inheritance in savings account.
Submitted: 9 months ago.
Category: Social Security
Expert:  Megan C replied 9 months ago.

Thank you for your question. My name is ***** ***** I will be happy to help you today :-)

Expert:  Megan C replied 9 months ago.

It sounds like you were on SSI, which is a low income benefit. It also sounds like you had a Medicaid supplement to help pay for some of your Medicare.

Expert:  Megan C replied 9 months ago.

The problem is not income driven. The problem is resource driven. You are not penalized because of your income, you are penalized because you now have assets. Social security wants you have less than $2,000 of assets - excluding your house and car - in order to get assistance. You will have to spend all of that money down to $2,000 before you can get help back. However the benefit is that you DO have these assets. This all could have been circumvented with some estate planning on your parents part, by utilizing a special needs trust to pass the inheritance to you -- but there's nothing you can do about that now. I know it's irritating, but it's how social security is set up.

You will not lose your base entitlement, only the low income supplements.

Please let me know if you need anything additional. If not, please rate positive.

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