Understanding the Impact of Lump Sum Settlements on Social Security Disability Benefits in North Dakota
Navigating the complexities of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) can be challenging, especially when unexpected financial changes occur. For many in North Dakota, understanding how a lump sum payment impacts these benefits is crucial.
As a distinguished disability law firm in North Dakota, Ficek Law, P.C. is committed to providing clarity and support in these situations. If you’re asking, How does a lump sum settlement affect my Social Security Disability? We can help answer your questions.
Impact of Lump Sum Settlements on Supplemental Security Income
Supplemental Security Income, or SSI, is a program designed to provide financial support to blind, disabled, and aged individuals. It’s specifically awarded to those with limited income and resources. This may leave you wondering, How does a lump sum settlement affect SSI?
SSI payments can be significantly affected if you receive a lump sum settlement. A lump sum can include anything from court settlements or lottery winnings to inheritances. As SSI eligibility is based on financial need, any substantial increase in personal finances might lead to a reduction or loss of benefits. It’s important for SSI recipients in North Dakota to understand how their benefits might change if they receive a lump sum.
SSDI benefits are awarded based on an individual’s contributions to the Social Security System prior to their disability. Therefore, SSDI payments are not directly affected by receiving a lump sum settlement.
Seek Legal Guidance From Ficek Law, P.C.
For those navigating the intricacies of SSI and SSDI in light of a lump sum settlement, professional legal advice is crucial. Ficek Law, P.C. offers clients invaluable experience in the field of Social Security Disability law.
We’re dedicated to protecting your rights and benefits. If you have concerns about how your financial situation may affect your disability benefits, our Social Security Disability lawyers in North Dakota are here to help.
Contact us at Ficek Law, P.C. today for a free case consultation. We provide a comprehensive and compassionate approach to Social Security Disability.