What actions can my elderly mother take to avoid having a 10k inheritance impact her social security insurance and Medicaid?
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What actions can my elderly mother take to avoid having a 10k inheritance impact her social security insurance and Medicaid?
My elderly mother is receiving $10k in inheritance next month. She receives social security, SSI and medicaid. What are her options in avoiding having benfits suspended due to this small financial gain?
Asked on February 13, 2012 under Estate Planning, Illinois
Answers:
walter cox / The Law offices of Walter C. Cox, Jr and Associates
Answered 12 years ago | Contributor
Have her renounce the inheritance or assign the inheritance to her children. She does not have to accept the money therefore avoiding the impact on her medicaid. This can be done by writing it to the executor of the estate having it notarized and witnessed.
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