Decoding Legal Jargon: How an AI Legalese Decoder Can Help You Understand How a $10k Gift Will Impact Your Benefits
- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
I am currently receiving SSDI and have Medicare, QMB (Medicaid), and SNAP benefits. I am considering opening an Able Account to save money for future expenses. However, I am unsure about reporting the funds to the state as I receive state benefits. The individual providing the funds may be unwilling to transfer them directly to the Able Account, necessitating a transfer from my regular account. This unexpected influx of money has caught me off guard, and I am concerned about potential implications for my benefits and housing situation.
## How AI Legalese Decoder Can Help
AI Legalese Decoder can assist in navigating the complex legal language and requirements surrounding the reporting of funds while receiving state benefits. It can provide guidance on how to properly document and report the incoming funds to different governmental agencies, such as the state and SSA, to ensure compliance. Additionally, it can offer insights into how this financial change may impact eligibility for benefits and housing in an income-based apartment. With AI Legalese Decoder’s support, you can make informed decisions and take appropriate steps to safeguard your benefits and housing stability.
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****** just grabbed a
SSDI has no resource limit & that’s not wage income so you’re fine there. Check your state Medicaid laws because your Neducaid COULD be affected. Also, splitting deposits can be considered as structuring. A few years ago, I received a settlement >50K & never heard a word about it after depositing the check. I still have over 1/3 of it & still haven’t had any issues, but I’m on SSDI only.
The person giving it to you should deposit it into an able account directly.
You must report this gift as unearned income to the food stamp office and to MediCaid.
They will need to gift it to you through your ABLE account. If it goes into your checking account, it counts as income
u/perfect_fifths even though OP is on SSDI, foodstamps and Medicaid will be affected as this post is asking about commiting fraud and the comments are giving ways to commit fraud. This should be removed.
It will likely end your SNAP benefits until it’s no longer a countable asset, at minimum for the month it’s received, because assets are considered. For Medicaid it depends on your state rules and the program you qualify for. Some have resource limits; some don’t, like MAGI. If you’re living in subsidized housing it will likely impact that as well, but again, this depends on the program rules. Basically, any means-tested benefits you receive may be impacted. Follow their reporting policies; many are 10 days. If you don’t know, call and ask someone that manages the specific program. When all else fails, report; worst case is it doesn’t count. As others have already said, whenever possible, when you’re getting a gift, request it be directly deposited into your ABLEs account to prevent reporting requirements.
Oh, right. It is so confusing. Not sure why they restricted it like that
It would need to go directly into an ABLE account or a special needs trust.
See if they can deposit it directly into your ABLE account. They, the ABLE account people, communicate directly with the Social Security Administration. These are means tested accounts.
Unless the money can go directly to your able account, DO NOT ACCEPT IT. It will do more harm than good.
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You have to be under 26 to have an Able account.
“The Bank Secrecy Act of 1970 dictates that banks keep records of deposits over $10,000 to help prevent financial crime. ”
May want to get two separate amounts so there is less paperwork tax wise.
Have the person just give you a personal check or cash or prepaid card such as a visa vanilla card.