How Does The Social Security Administration Define a Disability?
For a person to be receiving either Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), there must first be a determination of disability by the Social Security Administration (SSA). The beneficiary of a self-settled special needs trust must be disabled. A third party special needs trust could be established with the anticipation that…
THE IMPORTANCE OF A LIFE PLAN FOR INDIVIDUALS WITH DISABILITIES
Being the parent of a child with disabilities is certainly not easy. Things that parents should think about early on are: Who will care for my child when I am unable to do so? Where will my child live? What will be required to support my child to the standard of living I would like…
SPECIAL CONSIDERATIONS – FINANCIAL ADVISOR
Do you have a Financial Advisor? If you do, has the Financial Advisor prepared an Investment Policy Statement (IPS) for you? An IPS establishes your tolerance for risk and your goals for investment. A Financial Advisor can also be useful in assisting in obtaining an umbrella liability policy, which is almost always a good idea,…
PROTECTING YOUR RETIREMENT PLAN FROM THE DEATH TAX UNDER THE SECURE ACT 2.0
THE SECURE ACT The SECURE Act 2.0 passed by Congress and signed by President Biden became effective on December 29, 2022 with respect to some provisions. Other effective dates range through 2033. The Act applies to most employer-sponsored retirement plans and individual retirement accounts (“IRAs”). The original SECURE Act which became effective on January 1,…