SSI and Inheritance

[jimmy1vilaine]

I read that with SSI you can have any amout in the bank but an amout over $2,000 can't be in the bank more than 30 days. Is this correct? If you had an inheritance of say $25,000 could you deposit as long as you withdrew all but the $2,000 before the 30 day limit?
thanks

[Mr. Knowitall]

You need to report inheritances.

Under SSI, income includes cash, checks and other things you get that can be used for food or shelter. Here are examples of income:

• Wages from your job, whether in cash or another form;
• Net earnings from your business if you are self-employed;
• The value of food or shelter that someone gives you, or the amount of money some gives you to help pay for them;
• Department of Veterans Affairs benefits;
• Railroad retirement and railroad unemployment benefits;
• Annuities, pensions from any government or private source, workers’ compensation, unemployment insurance benefits, black lung benefits and Social Security benefits;
• Prizes, settlements and awards, including court ordered awards;
• Proceeds of life insurance policies;
• Gifts and contributions;
• Support and alimony payments;
• Inheritances in cash or property;
• Interest earned, including interest on savings, checking and other accounts;
• Rental income; and
• Strike pay and other benefits from unions