Inheritance for senior
My friend who is 79 is about to Inherit a $10,000 CD. Currently, his only income is social security and qualifies for some government programs. Will this inheritance disqualify him from assistance? Also, will he have to pay taxes on the inheritance? Thank you.
Asked on 11/17/06, 2:12 pm
1 Answer from Attorneys
John Campbell
Law Offices of John J. Campbell, P.C.
Re: Inheritance for senior
The inheritance will not affect eligibility for certain programs, such as Social Security retirement or Medicare. However, it could cause problems with means tested programs like SSI or Medicaid. Your friend would not be required to pay taxes on his inheritance. If estate taxes are due, they must be paid by the estate of the decedent.
Answered on 11/17/06, 2:30 pm
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