What to do if I am receiving SSI, foodstamps and Medicaid but have a $25,000 inheritance?

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What to do if I am receiving SSI, foodstamps and Medicaid but have a $25,000 inheritance?

The money was left to me from a Will that my grandfather set up for me. I get the $25,000 when I am 25 (which I am now) and another $25,000 when I am 30. Will the state take my money away from me if it is put in my name? I am legally able to access the money but my aunt won’t let me because she thinks I am careless. If I put the money into my name and get a lawyer, will I be abl to get any money from it?

Asked on April 3, 2013 under Estate Planning, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I suggest that you consult with a Wills and trust attorney about the money that you will be getting to see if your receipt of such will prevent you from receiving SSI benefits, food stamps and Medicaid. There is a good chance such will unless the $50,000 is placed in trust where a third party is the trustee of the trust where you get the money from time to time in the trustee's discretion.


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