Q: if i sign away my inheritance. from selling a house will it effect my ssi?
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- California
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A:
If you receive Supplemental Security Income (SSI), signing away your inheritance from selling a house may affect your eligibility for SSI, depending on the value of the inheritance and the terms of the agreement.
Under SSI rules, if you receive an inheritance or any other type of financial windfall, it may be considered "unearned income" and could result in a reduction or termination of your SSI benefits. However, there are certain exclusions and exemptions that may apply, depending on the amount and type of income.
If you are considering signing away your inheritance, it is important to consult with a qualified attorney or financial advisor who is knowledgeable about SSI rules and regulations. They can help you understand the potential impact on your benefits and advise you on the best course of action.
It is also important to note that there are rules and restrictions surrounding transfers of assets for individuals who receive SSI, as they are subject to strict asset and income limits. If you transfer assets or income in a way that is not consistent with SSI rules, it may result in a period of ineligibility or other penalties.
For more information about SSI rules and how they may apply to your situation, you may want to contact the Social Security Administration or consult with a qualified attorney or financial advisor.
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