How to Qualify for SSI After Transferring Assets
A person who receives a monthly Supplemental Security Income (SSI) benefit is allowed to have up to $2,000 in countable assets ($3,000 for a married couple). If you have more than $2,000 or $3,000 in assets, you may be able to “spend down” your assets in order to qualify for [...]
How to Keep Your Life Insurance Policy From Being Taxed After Your Death
If the beneficiary of your life insurance policy is someone other than your spouse, such as your children or other family member, your policy may be included in your taxable estate. If the total amount of your taxable estate is greater than the current state or federal estate tax exemption, [...]
529 Accounts- Cleveland Elder Law Attorney
Named after Internal Revenue Code Section 529, 529 accounts are typically set up to earmark funds for the higher education of a grandchild or other family member. Funds placed in a 529 account are typically are intended to go toward college tuition, room and board and other expenses. As of [...]
A Brief Overview of Supplemental Security Income (SSI) – Cleveland Elder Law Attorney
SSI, which stands for Supplemental Security Income, is a program administered by the Social Security Administration (SSA) that is designed to provide financial assistance for the elderly, blind and disabled. As of January 1, 2013, the maximum monthly SSI benefit is $710 for an individual and $1,066 for a married [...]
Can A Person Work and Collect Social Security?
The answer is yes, however, the income you earn from work could reduce your monthly benefit if you earn more than what is allowed by Social Security. The amount of the reduction depends on how much you earn and when you began collecting Social Security. If you work and started [...]
Medicaid Ineligibility Period- Cleveland Elder Law Attorney
Another downfall to gifting assets is that the children given the assets may not save for the parent’s needs. When a trust is used to protect assets for long-term care costs, the trustee can access the funds when the time is needed, providing an extra insurance that medical needs can [...]
The Four D’s of Estate Planning- Cleveland Elder Law Attorney
A trust is often created to protect assets from the costs of long-term care. We are often asked why it is not advisable to simply give assets to a family member instead. The reason we advise against is this is because no one is protected from the four D’s of [...]
Special Needs Trusts- Cleveland Elder Law Attorney
Special needs trusts, or supplemental needs trusts, are a type of trust designed to provide benefits to a person who has a disability while protecting their assets. The main reason for choosing a special needs trust is that it is designed to allow the person with the disability to receive [...]