I am already financially stable and very recently inherited a lot of money. I worked, I saved, and was lucky to inherit. I have several lifelong friends who are living in or near the poverty level, because of health issues and/or poor lifetime money habits. I’m looking for some suggestions about how I might discretely help with bills or large purchases without impacting their access to the benefits they depend on (e.g. Medicaid, SSI) because I’m not in a position to provide complete financial support indefinitely.
With each of these friends, if we go out to an event or restaurant, I always pick up the tab. With two of these friends, I regularly give smaller cash gifts ($100-$300). If I paid off someone’s credit card debt or helped them buy a car, could this jeopardize their ability to maintain their existing benefit status? I do not intend to disclose that I’ve inherited many thousands of dollars to anyone. I do have some concerns about how substantial gifts might also jeopardize these friendships, if that makes any sense.
original posted by xine-c to r/personalfinance on Wed, 06 Mar 2024 11:09:02 GMT.