The Social Security Administration provides monthly, monetary benefits to retired individuals. It also provides benefits to disabled individuals through two different programs: the Social Security Disability Insurance program and the Supplemental Security Income program. If you receive an inheritance, your retirement benefits and SSDI benefits will not be affected. If you receive Supplemental Security Income, however, an inheritance will affect your benefits.
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The Supplemental Security Income Program
The Supplemental Security Income program provides monetary benefits to individuals who are unable to work due to being blind, elderly or disabled. The benefits are designed to help provide for an individual's monthly basic necessities. The program is income-based and the amount of benefits a person receives is directly related to the amount of income a person earns as well as the total amount of resources in her possession.
Effects on Montly Income
You are only permitted to have a monthly income of £650 and be eligible for Supplemental Security Income, as of 2010. The income threshold is raised to £1,066 if you are blind. An inheritance is considered additional monthly income and must be reported to the Social Security Administration. The Social Security Administration will adjust your benefits accordingly, and, in some cases, could rule you are ineligible to receive future benefits due to the amount of the inheritance.
Effects on Resources
You are only permitted to have £1,300 in resources to be able to receive Supplemental Security Income benefits, as of 2010. If you get an inheritance of property or money the inheritance becomes part of your resources and could possibly make you ineligible to receive future benefits.
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