Both Inheritance and a death benefit from Mom’s death life insurance will likely be received this year. How does it count in income calculation, and what can I expect?
I was named a a beneficiary on my Mom’s life insurance policy. While my month to month income remains steadily as low as it’s been, and would reflect my normal expected income throughout the course of the year, this year, it looks like I will, unusually, be in receipt of both an additional life insurance benefit, as well as some inherited proceeds from the sale of her house, probably during the year 2015. The one time life insurance benefit approximates 18,000, and the estimated inheritance payment may be close to 20,000.
Can you please let me know how those unusual monetary occurrences will be considered in my insurance rate calculations, if at all, so that I may plan accordingly. Thanks so much for your kind attention.