Life insurance can be an effective tool in planning an estate. One benefit to having life insurance is that the money from a policy can be used by your survivors to help pay for bills at the time of death, such as funeral costs and taxes. I think one of the most important considerations in … Continue reading Life Insurance and Estate Planning
Can a divorced spouse collect survivor’s benefits from Social Security?
It is possible for an ex-spouse to collect survivor’s benefits. However, there are a few requirements… A deceased worker’s former spouse who is age 60 or older can get benefits if the marriage lasted at least 10 years. If the former spouse is disabled, the age requirement drops down to 50. Please remember that the … Continue reading Can a divorced spouse collect survivor’s benefits from Social Security?
What is a Guardianship?
Guardianship is a legal process whereby an incapacitated person’s control over their person or property, or both person and property, will be appointed to another. Guardians are typically qualified individuals, corporate fiduciaries, nonprofit corporations, guardianship support agency or county agency. In order for a guardianship to be granted, a determination of incapacity must be made. … Continue reading What is a Guardianship?
Can Social Security reduce my SSI benefit if I live with others?
Supplemental Security Income (SSI) benefits are paid to individuals who have limited income and resources. One of the factors Social Security Administration will consider when determining benefits is the individual’s “living arrangement”. Social Security will look to see who else is in the household, and what the recipient and others pay towards the household expenses. … Continue reading Can Social Security reduce my SSI benefit if I live with others?
Can a Trustee with an out of state Driver’s License picking up a NFA firearm?
The answer, unfortunately, is no. While a trustee may lawfully possess assets of the trust, when he/she goes to the dealer to pick up the NFA firearm, after receiving approval from the BATFE, the trustee must fill out a 4473 and a NICS check. For a 4473, the individual must be a resident of Pennsylvania. Thus, the trustee must have … Continue reading Can a Trustee with an out of state Driver’s License picking up a NFA firearm?
Can my adult child get Social Security Disability benefits?
Yes. The term “adult child” is an individual who is unmarried and age 18 or older whose disability began before they reached age 22. Even though the benefits are paid to an adult, they are considered child’s benefits because the benefits are paid on a parent’s Social Security record. The adult child’s disability is determined … Continue reading Can my adult child get Social Security Disability benefits?
Should my children be co-executors?
Many parents with more than one child find it difficult to choose one to administer their estate. Sometimes they don’t want to offend a child. Sometimes it’s truly hard to choose. Often their solution is to ask their attorney to appoint both children as co-executors. While this may appease a parent’s conscience, it is rarely … Continue reading Should my children be co-executors?
Income tax on Social Security benefits?
Since tax season is creeping up on us, some may be wondering whether or not you have to pay tax on your Social Security benefits. The simple answer is maybe. If you file a federal tax return as an individual and your total income is more than $25,000, you will have to pay taxes on … Continue reading Income tax on Social Security benefits?
How long can your Social Security Disability benefits last?
There is no time limit on Social Security Disability benefits. Disability benefits will continue as long as you remain disabled. Social Security Administration will periodically review your case to make sure you continue to qualify for benefits. The periodic review will consist of a review of your medical records. Additionally, if you are still collecting … Continue reading How long can your Social Security Disability benefits last?
Medical Assistance’s Estate Recovery Program
Many individuals find that they are unable to afford nursing home care, hospital care, prescription drugs, and home and community based services as they age. This is a sad, but very common occurrence in today’s world. The only option for many is to use Medical Assistance to help pay for the above-listed benefits. The receipt … Continue reading Medical Assistance’s Estate Recovery Program
