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Honored Contributor
Posts: 14,154
Registered: ‎03-09-2010

Question about an inherited IRA...

Good morning, I didn't know where to post this questions but thought among friends would be ok....

A relative has inherited money from a deceased parent. This relative works two partime jobs (works over 40 hrs a week) and is probably at poverty level as far as income goes. This person is young (30ish) and has 1 child at home, as well as health problems, being hospitalized for her illness is not uncommon.

I am wondering if her food stamps will be taken away permanently because of this new money? We know that taxes will be paid on the money and she needs to use a portion of the money to pay her share of funeral expenses the rest will be invested if she is allowed to keep it. She will be calling the state to find out about the food stamps, I just thought I'd post the question here, someone might think of something we have not, any helpful advice would be appreciated.

The money is a God send for her........