QUESTION
Can I keep the money or do I have to turn it into social security?
Asked on Nov 29th, 2012 on Estate Planning - Michigan
More details to this question:
If I am receiving social security benefits monthly and my mother die and leaves my as beneficiary of her life insurance.
13 ANSWERS
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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You can keep the life insurance. There is no obligation to repay eligible social security benefits.
Answered on Dec 09th, 2012 at 8:35 PM
Whether or not your inheritance would affect your benefits can only be answered by an attorney reviewing all of the relevant facts and figures.
Answered on Dec 02nd, 2012 at 7:09 PM
You MUST inform social security that your mother has passed on. If you do not tell them, and you keep receiving her checks, you may be charged with a crime (fraud).
Answered on Dec 02nd, 2012 at 2:54 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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It depends on what kind of benefits you are receiving from Social Security. It will be well worth it for you and your mom to see an elder law attorney who can help you to get the benefit from your mom's life insurance without giving up your benefits.
Answered on Nov 30th, 2012 at 2:03 PM
Trust Attorney serving Cincinnati, OH
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Paul A. Nidich Attorney at Law
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whatmoney are you talking about, social security or life insurance. Why are you receiving social security. Are your getting SSI or disability? If SSI, you need to see an attorney who knows about special needs trusts immediately.
Answered on Nov 30th, 2012 at 1:49 PM
William H. Von Willer
If you are receiving retirement income from social security, benefits from the life insurance is yours.
Answered on Nov 30th, 2012 at 1:48 PM
If the money is for your mother, you will need to return it. The insurance proceeds should belong to you, provided you are the named beneficiary.
Answered on Nov 30th, 2012 at 1:48 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You will have to report to social security if you are on social security disability; otherwise no reporting would be required, as you earned the social security which is a retirement.
Answered on Nov 29th, 2012 at 11:29 PM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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You will have to return the check for the month your mother died in. So if she received her check, for example on November 3 and died on November 20, you would have to return the entire amount.
Answered on Nov 29th, 2012 at 11:06 PM
Tax Attorney serving Naples, FL
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Henderson, Franklin, Starnes & Holt, P.A.
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If you are receiving SSI you are required to report the life insurance and it will most likely disqualify you from SSI until you spend all the money.
Answered on Nov 29th, 2012 at 11:02 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I'm your mother's death you must immediately notify the Social Security Administration and stopped for continuing payments. Regarding life insurance to which you may have been the beneficiary, that is yours, and does not have to be paid to the Social Security Administration.
Answered on Nov 29th, 2012 at 11:01 PM
Thomas Edward Gates
No, you must return the money.
Answered on Nov 29th, 2012 at 11:00 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends on the type of social security that you are receiving. If it is needs based, such as SSI, then you would need to report it. If it is based on your disability, then you would not need to report it. The same is true if you are receiving social security based on your retirement.
Answered on Nov 29th, 2012 at 6:29 PM