Excellent Social Security Strategy Link
As part of the estate planning process, we frequently need to analyze how much a person is likely to have upon death. As part of an overall wealth analysis, this invariably leads to questions such as: How much are you earning now? When are you expecting to retire? How much should you gift to your […]
Social Security After Death
One of the first questions we are asked is “do I have to do anything about Social Security”? Here are some important things to know if a decedent was receiving SSA benefits at the time of passing: Reporting Normally the funeral director will contact Social Security to report a person’s death if you give them […]
Social Security Statements
You may have noticed that you did not receive a Social Security statement recently. A little more than a year ago, the SSA stopped mailing paper statements out in a cost savings move. All is not lost however, as you can go online to get your earnings history and information on estimated benefits at: https://www.socialsecurity.gov/mystatement/ Keeping […]
Termination Clause in Special Needs Trust
The Social Security Administration has issued new rules, SI 01120.199, related to the early termination of Self Settled Special Needs Trusts created on or after January 1, 2000. Self Settled Special Needs Trusts, also known as First Party Special Needs Trusts established under Section 1917(d)(4)(A) of the Social Security Act. are designed to avoid being […]
What is a Self Settled Special Needs Trust?
There are generally two types of private special needs trusts: Third Party Special Needs Trusts; and Self Settled Special Needs Trusts (also known as First Party Special Needs Trusts or D-4A Trusts). A person who is receiving (or about to receive) Medicaid and Supplemental Security Income (SSI) may wish to consider establishing a Special Needs […]