inheritance/welfare

[kolbyjackcheese13]

Hello all. I am a 20 year old college student. I am currently receiving cash aid and food stamps. I have a back injury that prevents me from working at this current time. When I turn 21 I will be receiving an inheritance of $46K. My first question, is how am I suppose to work around that so I don't lose my benefits from the state? I am not trying to work the system, but I also can not live and provide for my son without it. My other question, is what is the best way to go about the money. I would really like to use the majority of it on a down payment on a house, but with that, I don't have enough credit to get the remainder of the loan on a house, nor could I get a loan because I dont have a large amount of monthly income. My other choice is to buy a car that would last me for the next 10 years or so. I wouldn't spend any more than 20k on that.
Please help. I am lost and need some sense of direction.
Thank you

[jpg7n16]

Hello all. I am a 20 year old college student. I am currently receiving cash aid and food stamps. I have a back injury that prevents me from working at this current time. When I turn 21 I will be receiving an inheritance of $46K. My first question, is how am I suppose to work around that so I don't lose my benefits from the state?

Are your benefits income based or asset based?

Inheritances are not income. How is your inheritance currently held? In trust for you? Could you leave it in the trust?

I am not trying to work the system, but I also can not live and provide for my son without it.

Why couldn't you use the $46k to provide for your son?

My other question, is what is the best way to go about the money. I would really like to use the majority of it on a down payment on a house, but with that, I don't have enough credit to get the remainder of the loan on a house, nor could I get a loan because I dont have a large amount of monthly income.

Why do you want a house? Could you afford the monthly payments + taxes + insurance? When will you be able to work again? Have you tried working for a desk job/call center where you don't have to do any work with your back?

I think buying a home while you're living on welfare with no income is unrealistic.

My other choice is to buy a car that would last me for the next 10 years or so. I wouldn't spend any more than 20k on that.
Please help. I am lost and need some sense of direction.
Thank you

How did you come up with $20k as the figure? Do you do a lot of driving?

I'm thinking more like, don't use more than $5-7k on a car.

I also don't feel that people who are living on food stamps from the government, on welfare, and have a kid to look after - should blow $20k on a new car. IMO that is very irresponsible.


Use the inheritance to take care of your family's needs. Aka food, water, shelter, clothing - for you and your son.

And one day you will need a car to get to work, but you don't need a new car to get to work. Used cars work just fine.

[Jon991]

Are your benefits income based or asset based?

Inheritances are not income. How is your inheritance currently held? In trust for you? Could you leave it in the trust?


Why couldn't you use the $46k to provide for your son?


Why do you want a house? Could you afford the monthly payments + taxes + insurance? When will you be able to work again? Have you tried working for a desk job/call center where you don't have to do any work with your back?

I think buying a home while you're living on welfare with no income is unrealistic.



How did you come up with $20k as the figure? Do you do a lot of driving?

I'm thinking more like, don't use more than $5-7k on a car.

I also don't feel that people who are living on food stamps from the government, on welfare, and have a kid to look after - should blow $20k on a new car. IMO that is very irresponsible.


Use the inheritance to take care of your family's needs. Aka food, water, shelter, clothing - for you and your son.

And one day you will need a car to get to work, but you don't need a new car to get to work. Used cars work just fine.

Agree with EVERYTHING you said 100%

[Joan.of.the.Arch]

Whether the $46,000 is "income" might not matter. For some government disability payments, if you have $2000 the payments will stop. I don't know if this is what kolbyjackcheese13 has. This could be very serious if healthcare is connected to receipt of Disability. I also wonder if s/he will not get any student aid next year beacause of having to report having $46,000 in the bank, or where ever. One could live very carefully for 2-3 years on $46K, but what will you do after that if your disability has not resolved? Going to school as you are, I'm guessing you are hoping to be well enough to work within 2-3 years? Perhaps you could live on the $46K, take loans for school (careful!)

I'm sorry, kolbyjack, I don't know the answers. Have you already talked to someone at Social Security?

[personalfinanceohio]

definitely agree with previous responses. You need to talk to someone in the government office and see if having that 46K will disqualify you from any benefits. And do NOT spend that much on a car under any circumstances.

Best of luck