Support Your Child With Disabilities — and Still Qualify for Medicaid
You can qualify for Medicaid long-term care coverage and still set money aside to support y...
Read moreIf an SSI recipient gifts money, she could lose up to three years of SSI eligibility. In order to calculate the period of ineligibility, the amount transferred is divided by the transferor’s monthly SSI benefit (including state supplement), rounding the result up or down to the nearest whole number.
For example, Eric, who receives SSI benefits ($889.40/month in 2016), receives $30,000 from his grandmother at her death. He gives his entire inheritance to his brother.
The Social Security Administration (SSA) divides the transferred amount ($30,000) by Eric's SSI benefit ($889.40) to determine the ineligibility period (33.73 or, rounded up, 34 months). Eric is ineligible for SSI for almost 3 years.
For more about transfers and SSI, click here.
Local Special Needs Planners in Your City
You can qualify for Medicaid long-term care coverage and still set money aside to support y...
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A?program known as PASS offers individuals with disabilities who want to work?the opportunity to pursue their professional...
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Once you begin to understand how the gift tax system really works, you may be pleasantly surprised to learn that most peop...
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