Will life insurance inheritance negatively impact benefits like SSI and Medicare?

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Will life insurance inheritance negatively impact benefits like SSI and Medicare?

My mom is a beneficiary on a life insurance policy. She receives SSI payments and is on Medicare. Will accepting the inheritance result in the loss of either benefit? Can the LI be declined and pass on to another relative by Will or intestate law?

Asked on November 30, 2011 under Estate Planning, New Mexico

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Good question. Your mother's social security benefits for retirement will not be impacted by the receipt of a life insurance payment receipt. As to Medicare benefits, there is the possibility of some impact on these insurance benefits that she will receive and further questions need to be addressed to a representative of Medicare in that I have no idea as to the amount of the insurance policy that you are writing about.

If the designation of life insurance benefits are under the policy itself and not through a Will or trust, a disclaimer by your mother may not have any effect unless there is an alternative beneficiary for the life insurance policy that you are writing about. I suggest that your mother consult with a Wills and trust attorney.

 


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