I do not believe you have to report the inheritance as income on your federal income tax return this year, though if the inheritance earned income while it was in the trust (i.e., interest), you might have to report that. You also need to check with state taxing rules to determine if you owe anything on the inheritance to your particular state - the rules vary form state to state, and you are advised to speak with a competent professional familiar with your state taxing laws.
Please note that this is not legal advice, and should not be relied upon as such. Always consult with a competent tax professional to discuss your specific situation!
I have changed the subject area of your inquiry to "Tax" as that is the more appropriate practice area for your question. You also may want to ask about any state tax agency reporting requirements for your inheritance.
Disclaimer Information on this site is provided by Brian Scott Wayson as general information, not legal advice, and use of this information does not establish an attorney-client relationship. If you have questions about your specific situation, please call an attorney.
1. What you inherit is not taxable to you.
2. What you earn on an inheritance is taxable to you.
3. I am uncertain, but there may be some threshold inheritance that results in a person no longer qualifying for SSDI.