What Happens If You Inherit Money While On Social Security Disability? // Elder Needs Law
HTML-код
- Опубликовано: 20 сен 2022
- Learn out more about Medicaid → www.elderneedslaw.com/
⬇️Meet Jason Neufeld ⬇️
• Meet Jason Neufeld
================================
📍 Find us on Google g.page/r/CU9vHuqXCmG-EAE
👉 Get Free Consultation www.elderneedslaw.com/contact
✅ Subscribe to always get my latest videos / @elderneedslaw
❓ How did we do www.elderneedslaw.com/about-us
📚 Medicaid Blog www.elderneedslaw.com/blog
🕵️ Learn More About Our Areas of Practice www.elderneedslaw.com/
===Must Watch===
• How much does Medicaid pay for home health care?
• How much does Medicaid...
✅Instagram: / elderneedslawyers
👉 Facebook: / elderneedslaw
✅ LinkedIn: / elderneedslaw
www.elderneedslaw.com/
#LivingTrust #ElderLaw #FloridaMedicaidPlanning #Medicare #ElderNeedsLaw #JasonNeufeld #ElderLawAttorney #MedicaidPlanning
________________________
Transcript:
What happens if you inherit money while on Social Security Disability while receiving Social Security disability benefits? Now, what's really interesting about this question is, it can be tricky, because there's more than one disability program. And they have very different implications. If you inherit money, one of them and they're both are commonly referred to as disability and lots of people say they have social security disability without knowing which of these programs that they're on. So I'm gonna tell you kind of how to tell the key differences and then what the consequences for inheriting money or coming into money or selling a house or getting a personal injury settlement, okay, there is SSDI and SSI. SSDI is a program that gives you access to your retirement early, you have worked a certain number of quarters, you have paid into the system, and you become disabled. And prior to reaching age 65, you are then entitled to the SSDI program. You know, you have SSDI. If you waited about two years or exactly two years, with several exceptions, but you wait two years, you are then entitled to Medicare SSDI. When you get that before turning 65, after two years, you're automatically entitled to Medicare benefits. I want to compare and contrast that with SSI, not SSDI. But SSI. SSI is a program that you get because you are disabled if under the age of 65 or over the age of 65. And your income is under a certain amount. In the year 2022, when this video was recorded, that amount is $841. If your income is below $841, you can apply for SSI if you're also disabled or over the age of 65. And they will bring your income up to $841. So as an example, if your incomes $840 And you apply, you will be entitled to $1 of SSI payments every month. Now, some people go Why would we do that? Who cares about $1? Well, the reason why that's important for many individuals is because if you have SSI, even one dollars worth it automatically entitles you to Medicaid, not Medicare, Medicaid, there is no waiting period for that as soon as you're eligible for SSI for at least one dollars worth per month, you are then automatically essentially enrolled in your state's community Medicaid program. So again, SSDI gets you Medicare SS I get to Medicaid. Now let's go back to the original question. If you receive an inheritance or any sum of money, while on Social Security disability, what happens if you're on SSDI, nothing happens that is not a needs based program, meaning that you could have a million dollars in the bank or, or own any number of assets, and you would still be entitled to your SSDI and your Medicare. That's because you paid into the system while you were working. That's what gets you it's kind of like paying an insurance premium and now you're collecting your insurance policy doesn't matter how much money you have. Now, if the disability you have is SSI, then receiving money will jeopardize those benefits. And that's a very good reason to call a law firm such as ours if you're in the state of Florida because we can talk to you about the different legal and ethical ways to protect the inheritance to protect the personal injury settlement to protect the sale of the proceeds from the sale of your house are however way you're coming into money to protect the SSI and your Medicaid benefits. So I hope that answers the questions. Thank you for asking it. Have a great day.
Ty God I've S.S.D.I 😅❤
Excellent! Just be aware that it's possible to have both SSDI and SSI. SSDI gives you Medicare (after two years); SSI gives you automatic Medicaid health insurance (for those that need Medicaid LTC benefits for home care or facility care will need to take additional steps).
SSI recipients have to validate their inheritance money. I have a friend who has a hubris about His future money inheritance but not regarding His SSI consequences . He assumes His personal bank account is only between His Bank and Him only when the accounts are lowljacked by SSA.
He may be in for a "rude awakening"! Please share this video or the below article, with him.
www.elderneedslaw.com/blog/what-happens-if-you-inherit-money-while-on-social-security-disability
Not sure if SSI or SSDI, asking for an acquaintance and they are not sure either. Monthly benefit is above $1600, so after seeing your video it tells me it would be SSDI.
In Florida, if a disabled person is receiving *Extra Help* for expensive medicines, will it be jeopardized by an inheritance?
Let's say the meds retail is cost $100k+ but currently paying $0 due to benefit amount being under poverty level.
Who can I ask what is the max they would pay for meds if they get an inheritance, to see if they need a special legal instrument to protect their benefits/assets?
Yes, an inheritance would jeopardize the "extra help" / LIS portion of the benefits. There are multiple ways to protect the inheritance without losing benefits (which strategy, or combination of planning strategies, are best is case specific).
i have a question my father passed away at the age of 57 can one of his kids who has a neurological issue get ssdi and if so how long does it take to get approve of it
I believe it depends on how many quarters your father worked. But I am not sure. Can't hurt to call SSA!
I don't own no property or anything or any assets
You may, in fact, already be eligible for Medicaid in Florida.
Hi, I have a few questions pertaining to this topic, and I don't know if there's any way I could send you a private message? I'm in a huge dilemma right now where I just lost my SSI and Medicaid and could really use some urgent advice.
Please call or email: scheduling@elderneedslaw.com and we can find some time to connect!
Well iam on ssdi. But I got back pay on ssdi n ssi. An P.A told me I can't have no more then 1 car I did have 2 at the time then sold 1. I do Continue seeing my doctor and taking my strictly on SSDI. So the question is what happens if I win A lottery ticket or get inheritance. Do I have to report that ? An would they cut me odd ssdi ?. An am I allowed to have 2 vehicles now I've been on SSDI going on 3 years.
Its always a good idea to consult with an elder law or disability attorney near you to discuss your particular case. But, generally, remember that SSDI and SSI are different and you can have both. If you receive lottery winnings, an inheritance, personal injury settlement, or any other sudden influx of funds, then SSI/Medicaid is in jeopardy. SSDI/Medicare is not.
Ok thank you very much. Yah now iam just on Medicare ABCD plan and medicaid pays my premium. N iam just on SSDI So I should be good 👍 thanks again
@@TheMikevolbeat - if you have Medicaid (even if it just pays for your premiums) that benefit IS likely at risk after receiving funds (and action should be taken to protect your Medicaid BEFORE receiving funds). Please consult with a local attorney. If you are in Florida, we are happy to help.
Losing Medicaid can also jeopardize your current Medicare plan - especially if it is a D-SNP. You can read more about Dual Eligible Special Needs Plan (D-SNP) here:
www.elderneedsinsurance.com/blog/dual-eligible-special-needs-plans-d-snp-a-primer
I live in Pennsylvania I had a Attorney because that's the only way you can get on the benefits you always get turned down the 1st time. I don't think I'm at risk of anything because I'm not doing anything wrong. Eventually I want to know if it would be OK if I buy a trailer to hook behind my truck because that's where I'm going to be living. But the state is paying my $173 premium for medicare. I have to call them tomorrow anyway because I got a bill from my doctor. That I thought They would pay for. I have to have a full knee replacement this would be my 3rd Surgery I'm only 50. But if I have to pay any deductibles there aint no way I know SSDI pays more than ssi That's what my brother is on he lives in Georgia I'm on SSDI. This is all very confusing. I'm not paying my attorney any more money. Like I said I'm not doing anything wrong. I was just asking if I won the lottery or I get a heritance from someone passing away in my family do I have to report those earnings and with that jeopardize my social security disability incomes.
When you receive ssdi and get an inheritance do you have to call SSA?
First, be SURE that you have SSDI and not SSI (I say this because both are commonly referred to as "disability" and are often confused).
If you are certain that you have SSDI only (some people have both SSDI and SSI), then you do not have to call/report to SSA.
To learn more about how to tell whether one has SSDI vs. SSI, I have this video that may be helpful: ruclips.net/video/mxZ0_HSXArc/видео.html
Thank you very much. Yes 💯 on SSDI From my work history. My other question is little Confusing. When I got that lump sum they paid me SSDI and a little bit of SSI. And I was on medicaid but after 2 years they switch you over to medicare. So they were taking a $171 for my medicare B program but since I'm still under what I make $1500 a month. So Medicaid is paying my B premium. I don't know if that has any effect. I live with my mother I take care of her as much as I can I only have one view. Anything would happen to my mother it would be divided 3 ways between my self my sister and my. I do not have to report that. Or do I have to report that because more likely I'll buy a small trailer to hook behind my truck and live in that. I have an upcoming new replacement surgery. But since my backup insurance medicade does not cover that it just covers my B premium. Medicare has an 8020 plan there's no way I can pay 20% of my new surgery. But I am up-to-date with my medical records so they can look in on that anytime they want when that comes to a review. I tried several different other options looking for other insurance and they told me that they'd never heard of medicaid medicaid covering your premium but not covering any more than that. So in other words I'm still stuck with that 20%. Let's say the operation is gonna be $40000 20% of that is like $6000.
@@TheMikevolbeat - to get into this level of detail, we need to ask that you set up a consultation.
Does receiving a late husband's SS benefits affect receiving an inheritance...?...Would i have to pay back the benefits in NJ...?...i think it's too late to apply for them though...If you could answer soon, i'd appreciate it...Thank you very much....🐦
Unfortunately, we are unable to confidently comment on any estate planning, medicaid planning, probate or social security issue outside of Florida. However, I don’t see how the two are related (getting late spouse’s social security vs. getting an inheritance).
What if you have Medicare and Medicaid? 🤔
Medicare is not impacted by an inheritance. But the Medicaid benefits will be in jeopardy of being lost if planning is not done before receipt of the inheritance (or shortly thereafter).
Where does widows benefits stand, with an inheritance ?
Ok, it:s confusing..I watched the video again. I get medicare so it's SSDI. THANKS.
SSDI (or Medicare) is not impacted by an inheritance. Only those on SSI and or Medicaid (or other needs based gov benefits) have to worry about what to do with an inheritance.
BTW - keep in mind that some people have both SSDI and SSI, Medicare and Medicaid.