QUESTION
What is the asset limit for Social Security Disability, and what happens if you receive an inheritance?
Asked on Jan 29th, 2021 on Social Security Disability - Wisconsin
More details to this question:
I have been receiving SSD for a few years, and last year I came into some money from an inheritance. I want to know if I will lose the SSD? I have received ~$80,000 (I will have to look it up), and I put most of it in a bank account where it has been accruing interest. Thank you, Laurie
1 ANSWER
2 Awards
Social Security Disability Insurance is unaffected by assets. It is like receiving your Social Security retirement benefits early.
Supplemental Security Income has a $2,000 liquid asset limit. To avoid exceeding it (and losing SSI/Mediciad while over that limit), people must transfer the funds to a special needs trust, an ABLE account or "spend down" in the month of receipt.
Answered on Jan 30th, 2021 at 5:06 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.