Will an Inheritance or Personal Injury Settlement Effect My Social Security Benefits?

Beware! Homestead Exemption for Louisiana Bankruptcies Applies Only to A Single Person or Married Couple!
July 31, 2018
Keep the Social Security Administration Updated and Informed
August 28, 2018

Q&A sign symbol. Speech bubbles with question and answer.

There are two types are Social Security benefits: Supplemental Security Income (SSI) benefits and the other is called Social Security Disability (SSDI) benefits.

Social Security Disability benefits are paid to persons that have put in the required number of quarter payments over a specified period of time and is not needs based. A person drawing Social Security Disability benefits has no limits on what property they can own.  Therefore, the receipt of an inheritance or personal injury settlement will have no effect on a person receiving Social Security Disability benefits.

On the other hand, Supplemental Security Income benefits is a needs-based program. Claimants are entitled to these benefits only if they do not exceed certain property limits.  Therefore, the receipt of an inheritance or personal injury settlement may have an effect on a person receiving Supplemental Security Income benefits.

If you are unsure what kind of benefits you are drawing, you can obtain this information the Social Security Administration in order to take preventive actions to avoid losing eligibility of your Supplemental Security Income benefits.

© 2017 Losavio & DeJean. Powered by: Transformy
HomeOur FirmOur Team Client ServicesFormsPublicationsMediaContact UsBlog