There are a lot of acronyms used to describe government programs, and some of them represent terms that are very similar. This definitely enters the picture when it comes to Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). In this post, we will provide an overview of each of these respective programs so you can go forward with a solid understanding of the differences. SSDI When you work and remit your payroll or self-employment taxes, you earn Social … [Read more...] about Is There a Distinction Between SSI and SSDI?
Surveys have shown that the majority of people that don’t have estate plans think that it is important, but they procrastinate. One reason they give is the simple fact that they don’t know how to go about it, and this is understandable on the surface. The first step is to pin down your objectives, and this can be done by asking yourself a series of questions. With this in mind, we will provide a list in this post to help you find a starting point. Are you exposed to the estate tax? There is … [Read more...] about Consider These Questions When You Plan Your Estate
Estate planning is sometimes seen as an exercise in expressing the way you want your pie to be sliced and distributed after your death. This is a very stripped-down approach, and you may want to take a step back and see a bigger picture. Your family members will be going through a difficult time when they lose you, even if they have resigned themselves to the inevitability of your passing. Nothing can really prepare a person for the actual event, because the loss is palpable. When you plan … [Read more...] about Have You Made Your Final Arrangements?
As elder law attorneys, we keep a finger on the pulse of legislative proposals that would impact government benefits for senior citizens. Now that we have a new administration and a different Senate majority, the potential for change exists. With this in mind, we will look at some possible changes to the Social Security program. Benefit Increases Your Social Security benefit is based on the 35 years during which you paid taxes on the most amount of money. Under the Biden proposal, the … [Read more...] about Biden Plan Would Increase Social Security Benefits
You may have heard that probate is necessary when assets are being transferred after someone dies. There is a lot of truth in this statement, but it is not absolute, and we will provide the details here. Sole Personal Possession Generally speaking, transfers of assets that were in your direct and sole personal possession at the time of your passing would be subject to the probate process. This would apply to distributions through the terms of a will, and the probate court presides over … [Read more...] about When Is Probate Necessary?
The revocable living trust is a very effective estate planning tool that will facilitate efficient asset transfers after your passing. Some people think that trusts are complicated to administer, but in reality, this is really not the case. The First Phase If you establish a living trust, you would be called the grantor or settlor. The administrator is the trustee, and even though you would be the grantor, you can also act as the trustee. As a result, you have complete control of the assets … [Read more...] about An Overview of Living Trust Administration
As elder law attorneys, we address challenges that affect senior citizens. Alzheimer’s disease is one of them, and it can have an impact on a few different levels. Key Facts and Figures The Alzheimer’s Association is a great resource if you want to learn more about this terrible disease. According to the site, over 6 million Americans are living with the disease right now, and this number is expected to double by 2050. One third of seniors will pass away with Alzheimer’s or some other form … [Read more...] about Alzheimer’s Looms Large for Seniors
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on the basics of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act Basics
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Read on to learn more. … [Read more...] about Beneficiary Designations
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article examines how beneficiary designations done prior to the SECURE Act might not have the intended consequences today. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations