May
20
2010
By Guest (not verified)
I'm the parent of a child who receives SSI because of a disability. Will my inheritance of stocks and bonds affect her SSI? Does this need to be reported? Do these count as income or as property? If I cash out the stocks verses keeping them as they are does that change how or if it needs to be reported?
Reporting of changes in resources for SSI recipients
Things like cash, CD's, and stocks and bonds are called "resources" for SSI purposes. In general, limited ownership of real or personal property (ex. primary home, automobile) are not counted as resources.
This is an area that you should research and consider seeking additional advice.
In general, if you have a child who gets SSI, you should tell Social Security about changes in the things the child owns AND the things you and your husband or wife own.
http://www.ssa.gov/pubs/11011.html#11
If a child under age 18 lives with one parent, $2,000 of the parent's total countable resources does not count. If the child lives with 2 parents, $3,000 does not count. SSA counts amounts over the parents' limits as part of the child's $2,000 resource limit.
http://www.ssa.gov/ssi/text-resources-ussi.htm
Note that money saved in an Individual Development Account (IDA) is not a countable resource.
http://www.ssa.gov/ssi/spotlights/spot-dedicated-accounts.htm