Getting money or property after a loved one passes away can impact your Supplemental Security Income (SSI) benefits in Los Angeles. Many don’t know that an inheritance might stop their monthly SSI payments. Let’s explain what you need to know to keep your benefits safe.
What are SSI resource limits?
SSI has clear rules about how much money and property you can own. In 2024, you can have up to $2,000 in resources if you’re single, or $3,000 if you’re married. When you inherit assets, they count toward these limits. Inherited items that count toward your limits may include:
- Money in the bank
- Stocks and bonds
- Real estate (except your home)
- Extra vehicles
- Life insurance with cash value
- Valuable items like jewelry
Going over these amounts puts your SSI at risk.
Ways to keep your SSI when you inherit
You have 9 months to act after getting an inheritance. Here are your options:
- Put the money in a Special Needs Trust
- Open an ABLE account if you became disabled before age 26
- Use the money for:
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- Fixing your home
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- Buying medical items
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- Taking classes
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- Getting personal care items
Tell Social Security about your inheritance within 10 days. If you don’t, you might have to pay back some benefits. A Los Angeles SSI lawyer can help you pick the best option for your situation.
Quick action matters most when you learn about an inheritance. With the proper steps, you can keep both the gift from your loved one and your SSI benefits.