To make this shorter, I’m disabled and had to go for SSi due to my conditions. I won a settlement of an accident someone else caused me.
Now that I have the settlement money, I would be pushed over the $2k amount limit for SSi. Someone mentioned an ABLE account but this is all confusing (family never taught me anything in life).
What is the best way to begin investing it, and is there a way to keep it while still getting SSi?
Is a financial advisor worth it, or should I instead try to study something online to invest? It’s my dream to own a home one day, unrealistic as it sounds.
I don’t have any help, so I appreciate it.
Okay – ABLE act account can have 15k deposited in it a year. You do not have to open in ABLE account in your state. **YOU CAN ONLY GET AN ABLE ACCOUNT IF THE SSA SAYS YOU WERE DISABLED PRIOR TO 26 YEARS OLD**
You can set up a special needs trust – talk to a trust attorney.
The ABLE NRC has a good amount of info on it – https://www.ablenrc.org/get-started/
The settlement money you received — depending on how it is categorized, may be subject to income taxes and/or subrogation if the accident resulted in injuries for which a third party insurance paid medical bills. You may already know this and funds may already be addressed, but wanted to throw this out there just I case.
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