If you get SSI and come into possession of money, you must notify the Social Security Administration (SSA) very away.
Failure to report the inheritance can result in overpayments, which can lead to penalties, interest charges, and even loss of benefits.
The SSA will consider the amount of the inheritance and how it will affect your eligibility for SSI.
The first $20 of the inheritance is not taken into account, thus it won’t have an impact on your SSI benefits.
However, any amount over $20 will be counted as income in the month it is received, and it could potentially reduce or eliminate your SSI benefits.
For example, if you inherit $5,000 and report it to the SSA, the first $20 will be excluded from consideration, and the remaining $4,980 will be counted as income for the month in which it is received.
This could potentially result in a reduction or loss of SSI benefits for that month. It is also important to note that any inherited assets or resources can affect your eligibility for SSI.
This includes things like property, stocks, bonds, and other financial assets.
If the value of these assets exceeds the resource limit for SSI, which is currently $2,000 for an individual and $3,000 for a couple, it can result in a loss of benefits.