What happens when a person receiving Social Security Disability then receives disbursements from an inherited annuity? This person's mother passed away, and she was named a beneficiary.
I wish you were a bit more clear on what you mean when you ask, “What happens?”. The simple answer is what you already wrote in your question: your friend receives the disbursements of the annuity just as if it were her annuity in the first place, but under whatever the terms were as of when her mother opened the account. If the annuity is contained inside of an IRA or other retirement account and the dollars in it were placed there without being subject to taxation at that time, this is another matter entirely because those “distributions” are subject taxable, minimum annual distributions in order to avoid significant penalties which would otherwise be incurred under the IRS rules regarding retirement accounts.The complicating factor involves how old your friend is. If she is in fact the named beneficiary of the annuity and the party to whom the IRA that owns the annuity is transferable upon the death of the initial owner ), then the minimum annual distribution needs to be recalculated based on her age and life expectancy at the time her mother died (she will be required to receive smaller minimum annual distributions to avoid penalty because it is expected that she will live much longer than her mother would have been expected to, and can thus pay a lower amount of tax per distribution event based on these smaller distribution amounts.This is definitely something that she should consult an enrolled agent or CPA about BEFORE taking possession of or retitling an asset, especially if it’s an IRA, because the tax implications can be significant and irreversible once the asset has been retiled.None of the above stuff impacts her ongoing eligibility to receive her SSDI benefit, assuming that she continues to be disabled, since the distributions, although subject to taxation, are not wages and therefore don’t belie a change to her disabled status.
What would the benefits be of adopting my stepchildren?
You would have legal standing in their lives that wouldn't be challenged if something happened to your husband. Even if he asked for you to take care of them in his will if you hadn't adopted them they could be sent back to their mother. Or if she refused to take them there's a potential they would go to another family member or foster care.
My husband is going to inherit 60,000 in a few months, he is also an alcoholic and a former heroin addict. What can I do to help him manage his money? He said he would sign over it to me.
As an addict(I never say former because my addiction will always be dormant but still there) I would say talk to him and make a plan together for how you can manage this properly. Don't keep bringing up the past or his addiction in a bad way, this will only upset or delay progress for him. Let him know you are only there for his best interest and not to shame him or take all control of what's rightfully his. I think it's wonderful to make decisions together and be so concerned but I'm not sure if him signing it over to you will be the best solution. Do you want to be responsible for something so big and important? Would he sign it over then regret it or become angry when you refuse to give him his money if he asks for more than you think he should have. I don't know him personally,so I'm only speculating my best. Sometimes taking the whole problem souly on to you for another is not always the best. Sit down and plan out every scenario and/or problem that may arise and decide how it will be handled. Be completely honest with one another even if it hurts because this kind of decision can save or ruin relationships and people. All my best to you and him. I hope you can come to a beneficial and helpful solution.
Is social security disability reduced because of inheritance?
SSA has 2 programs SSDI (Social Security Disability Insurance) and SSI (Supplemental Security Income) SSDI in an insurance you have paid into through FICA taxes. You must have enough work credits earned to qualify, and benefits (usually somewhere between $800-$1800 per Mo ) are determined by how much you paid in. SSI is for people with assets fewer than $2000 (not including car, house, personal effects) with little or no income, but did not pay into SS enough for work credits. Maximum benefit is $674 Mo. If she has SSDI, income over $1000 Mo gross from work earnings is the only income that will affect it. Inheritence, stock/bond interest or cash outs, rental property, money from selling assets, have NO effects on SSDI benefits. Just be sure shew doesn't accidentally file it as earned income on taxes. If she has SSI ANY income, even inheriting land, jewelry, or non cash assets will reduce SSI benefits
Receive government money for bipolar disorder disability?
I saw a clinical psychiatrist, worked with clinical psychologists, took plenty of pills as prescribed, and went no where. The best I've done is far away from that crackbrained "science". It's a lot easier to cope with who I am, when I don't constantly hear what is wrong with me. As for "THAT'S JUST SAD". Kay... I didn't ask for an opinion; I asked for facts. I don't much mind if anyone believes me to be less thank remarkable. I wasn't asking if getting a check was an amazing feat in life. I was, however, asking for facts about the situation. Considering you have no idea of my certain situation, you have no certainty of how oddly my brain works. Leave it at that, and answer my question. :D
What is the difference between SSI and SSDI (Disability)?
SSDI and SSI are both a disability benefit. SSDI is a benefit for people who have worked in the past before becoming disabled. SSI is a benefit for people who haven’t worked before becoming disabled. Depending on the amount of work credits you’ve earned, determines how much pay you will receive for SSDI. If you haven’t a lot of work credits, you may still be eligible for SSI as well. Talk with someone in your Social Security Office or go online to their website: The United States Social Social Administration
What are the legal rights of son in the property of his father?
In India, as per Hindu succession Act,a. If the property is ancestral, son/children have the right over the property. For the property to be ancestral, it has either to be inherited by the father from his father i.e. the grand father after his death or the grandfather, in his life time, have partitioned the property. But, if the father has got the property from grandfather as a gift, it will not be considered as ancestral property.[1]b. If the property is self acquired by the father, son/children can claim no right over it. [2]Footnotes[1] Supreme Court puts Final Death Nail on Concepts of Ancestral Property & Joint Family Property, Read Judgment - Latest laws[2] Son has no legal right in parents' house, can stay at their mercy: Delhi high court - Times of India
Does Trump want to cut disability, or make it hard for new people to get SSI/SSDI?
Does Trump want to cut disability,No one wants to cut disability,but some would hope the people on it are actually disabledor make it hard for new people to get SSI/SSDIYes,every one wants it do be difficult to get disability,you should be disabled to get itTrump does want to cut SSI to children of families Above a certain income limitTrump, House Republican Cuts to SSI Would Harm Children With DisabilitiesBoth the Trump budget and the House Budget Committee’s 2018 budget resolution cut children’s SSI benefits on a sliding scale if another member of the family also receives SSI. The Trump proposal would cut the first affected child’s benefit by 38 percent, the second child’s by 47 percent, and any additional children’s benefits by progressively larger amounts.