You do not have permanent eligibility for Social Security Disability Insurance (SSDI) benefits. Instead, you will have to qualify for continued eligibility. With this, you may wonder what happens to your eligibility if you recently received an inheritance. Continue reading to learn what happens to SSDI payments after an inheritance and how an experienced attorney of SSDI eligibility in New Jersey can walk you through this.
Will I still receive SSDI payments after receiving an inheritance?
Say, for instance, that your current circumstances change. With these changes may come a change in your eligibility to receive SSDI benefits.
However, receiving an inheritance may not necessarily mean that your SSDI payments will be stopped. This is because the Social Security Administration (SSA) bases your eligibility on your work history prior to becoming disabled. And so, your SSDI eligibility will not depend on how much money, assets, or resources you gain at any given time.
With that being said, if you have started to earn wages through employment, then your SSDI eligibility may be affected. With this, the SSA may lower or altogether eliminate your monthly payments based on your new engagement in “substantial gainful activity.” More specifically, in 2023, the SSA considers substantial gainful activity as earning at least $1,470 per month.
What should I do if I receive an inheritance?
First of all, if you have started to earn wages through employment, it is important that you report your receiving of this income to the SSA. On the other hand, you do not need to report your receiving of an inheritance to the SSA. As a reminder, SSDI benefits are determined by disability and work history, so an inheritance is not relevant here.
However, different rules apply if you are receiving Social Security Insurance (SSI). In this case, you must report both your receiving of earned wages and your receiving of an inheritance to the SSA. This is because SSI is a needs-based program. It is determined by age, disability, and limited income and resources. And so, with SSI, you cannot possess $2,000 or more in assets without reporting it. And as a couple receiving SSI, you cannot possess $3,000 or more without reporting it. Failure to report an inheritance while receiving SSI may result in payments stopping for up to three years.
We understand just how complicated the rules and conditions of both SSDI and SSI can be. And so, if you have recently come across an inheritance, it may be wise to consult with a skilled New Jersey attorney. Regardless of what your eligibility may be, do not hesitate in giving us a call today.
