SSI is for people with less than $2000 in assets, so, yes, you will be ineligible for SSI.
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Holding on to the check, sending it back or refusing to cash it could also be considered enough to cause you to lose your benefits. You may however be able to put the check in a special needs or pooled trust and still retain your benefits. The funds in the trust get spent on you, but are not available for Medicaid/SSI purposes. A 1st party or d4A special needs trust is going to cost you money to set it up. They are complicated and can take time getting it approved by the State and SSA. You may have to go to court as it can only be established by a parent, grandparent, guardian or the court. A pooled trust on the other hand will have already been written and all you need to do is open an account and assign the check to the trust. This is something you can do on your own. You should contact an elder law attorney in your area. They should be able to explain the process to you and help you out. You can locate one doing an AVVO Find a Lawyer search or by going to the National Academy of Elder Law Attorneys website at www.naela.org.