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disabled on ssd may get $$$over 10,ooo what to do
#90789 - 02/28/04 04:38 AM
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I am dissabled on ssd and may inherate a sum of momey soon . I need to know whet to do with it . Can I just deposit it into my other families accounts and not have to worry about social workers in my business ?? I am in florida and I a backward small town so I hat to go there . I also hate to have to report it to them . I need need sujestions on what to do with the funds any help will do . If i keep it and spend it I need to show proof were it has gone and what I bought . thanks pokey
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I you deposit in a relatives account then no social worker will ask you about it. But you need to trust this relative. You can also open a safe deposit box in a bank and keep it there....then only you know what's inside there. But the money you inherit will have to be in cash....You can also call an AIDS organization in your area....and see what they think...but as you know what you are planning is illegal (although very frequently done) so you'll have to be careful what you say....like IF I inherit money....
THis stuff may help.
http://www.gmhc.org/policy/benefits.html
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Have the person that is leaving you the money put it in a special needs trust fund for you. That way no-one can force you to give it up or deny you any social services. You would be living off of the interest drawn from the account and not the principle amount. Hope this helps. If all else fails speak to a lawyer or a financial advisor.
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Unless you're actually on SSI, there is no means-testing of SSD payments, and therefore no reason to worry. The potential problem is not SSD, but ADAP; if you're receiving ADAP benefits. However, according to this link http://www.doh.state.fl.us/disease_ctrl/aids/care/adap.html
you will not have a problem unless you have more than $25000 in liquid assets.
Given all this, you should not have a problem and should keep the money in your own name.
Hope this helps.
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miketx53
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Newbie
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Reged: 10/27/03
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Posts: 2
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Loc: odessa texas usa
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Hi I am a volunteer tax prepairer for VITA and TCE we are trained by the IRS. Since an inheritance is non taxable it does not have to be reported as income and should not effect your SSI.
Later
Mike
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