UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: FoolinSC Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5748  
Subject: Inheritance and SSI Date: 3/29/2012 3:52 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
My father passed away 3 weeks ago and left me sole benificiary of his estate. I have two brothers; one he disinherited completely and the other has a mental illness and has lived disablity that was converted to social security upon eligibility. He is currently 66 years old and is at full retirement age. My father's instructions in the trust document to me was to "gift" my brother with the monies I receive from the estate in a way that does not replace SSI or public assistance of any kind. At first I just figured it was because my father felt (and I agreed) that my oldest brother was not competent to handle large sums of money. He lives at the YMCA in New Britain CT and gets around $600 plus dollars in SSI, the vast majority of which goes to rent at the "Y"-- around $500. I wish he would move to a subsidized apartment there so that his SSI wasn't being eaten up by rent at the "Y"-- My dad would send him a few hundred in a money order each month and wanted me to continue this practice. My question to anyone who might know is, can I gift my brother any amount of cash at this point since he's at full retirement age? If he worked he could literally make any figure he wants but I'm unclear about the amount of "gift" or if my father understood that he could have in fact left my brother a lump sum inheritance as well if it would not affect his SSI. Earnings do not affect SSI at full retirement. Would an inheritance affect SSI even at full retirement or not? I just want to make sure that if I gift my brother with cash that he won't get in trouble.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement