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What do I do with the $50,ooo's?

Today I have inherited $50,000 from my father whom I didn't have much of relationship with at all.I'm on Social security and if I cashed that check my mom says I could loose all my benefits.I want to cash the check and put it in her account and use it only to pay our rent,which she's paying for right now.Need help fast please!

 
Anonymous

Asked by Anonymous at 6:59 PM on Jul. 29, 2009 in Politics & Current Events

This question is closed.
Answers (30)
  • You need to talk to an accountant in your area.

    If the estate was handled properly the taxes have been paid on the money.

    My former career was as a trust officer. We had a client that inherited money from her parents. The money was put into a trust for her. She was on SS and the way the trust was done it didn't affect her SS.

    People collect social security all the time and still have money in savings, pensions and such. Are you on SSI? PA? You don't have to answer. I am just putting a couple of questions there for you. Your SSI shouldn't be effected I don't think because SSI is a spinoff of social security. The PA will complicate things though.

    Talk to an accountant ASAP. I don't think I would call SS you may get a different answer from every person you talk to.
    yourspecialkid

    Answer by yourspecialkid at 7:17 PM on Jul. 29, 2009

  • Why would you want to be on social security when $50.000 should give you a new start on life?
    Anonymous

    Answer by Anonymous at 7:01 PM on Jul. 29, 2009

  • Why don't you invest it in education so that you don't have to have benefits..?
    toriandgrace

    Answer by toriandgrace at 7:01 PM on Jul. 29, 2009

  • How about getting an education with the money?
    Anonymous

    Answer by Anonymous at 7:02 PM on Jul. 29, 2009

  • I would call Social Security and ask, but I am pretty sure she's right. Still it can't hurt to check.
    Lesli

    Answer by Lesli at 7:02 PM on Jul. 29, 2009

  • you could invest it in a house...

    VeronicaLee

    Answer by VeronicaLee at 7:05 PM on Jul. 29, 2009

  • i would soooo invest in a house... or an education like PP's said... this 50,000 could give you fresh start as long as you dont blow it
    pookipoo

    Answer by pookipoo at 7:07 PM on Jul. 29, 2009

  • My aunt who is on SSI was in the same predicament when she inherited money from her dad. You are right though, if you put it in your account, you will lose your SS. If your mom will let you stash it in her account, then do that until you decide what you are going to do. SS doesn't pay much, so there are probably things that you could use. My aunt got her car fixed and bought a few pieces of new furniture because she had old garage sale stuff for years upon years. She paid back the loans that my grandmother had give her over the years and has her holding on to the rest of the money for when she needs it.
    slw123

    Answer by slw123 at 7:08 PM on Jul. 29, 2009

  • i have to agree with the education suggested $50,000 will buy you a bachelors degree in just about anythign and if you choose the right career (i would do something with computers or business management) you starting pay will be at least $50,000 low end. Who needs SSI with a salary like that?
    katiekruschke

    Answer by katiekruschke at 7:11 PM on Jul. 29, 2009

  • The benefits are almost free perscriptions and doctor visits,just having even $700 a month come in is relief to me because I've never been able to keep a full time job because of the pressure of it or my mental illness getting in the way.The s.s. is more like supplementary income to make up for the income I can't make.Though I'm not terribly mentally ill and there's a chance I haven't found the right job for me,I really don't want to be on s.s. but it's such a relief to have it,something to fall back on.Does anyone know how I can cash a check without loosing all my benefits?I can cash $30 ones but anything 1,000 or above is not allowed.
    Anonymous

    Answer by Anonymous at 7:13 PM on Jul. 29, 2009

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