fbpx

When a Social Security Recipient Dies, Survivors May Be Eligible for Benefits

When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be available to the spouse or, in certain cases, children. Social Security benefits stop at death. If a loved one who was receiving Social Security dies, you

Claiming Social Security Benefits at Age 70

If you are about to turn 70, congratulations on reaching a big milestone.  And if you also have delayed claiming Social Security retirement benefits up till now, you are joining a select group -- only 6.5 percent of Social Security recipients put off collecting their benefits until they reach three score and ten, the age

If You Don’t Want an IRA Distribution, You Can Donate It to Charity

Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your distribution, one option is to donate it to charity and get a tax deduction. You are required to begin taking distributions from your tax-deferred IRA when you reach age 72 (70 ½ if you turned

Medicaid’s “Snapshot” Date and Its Crucial Impact on a Couple’s Financial Picture

When a married person applies for Medicaid, the Medicaid agency must analyze the income and assets of the applicant and the applicant’s spouse as of a particular date to determine eligibility. Elder Law attorneys refer to this as the “snapshot” date.  It can have a major impact on a couple’s financial future. In order to

How Much Should a Trustee Be Compensated?

Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of compensation depends on the type of trustee and the complexity of the trust. Depending on the trust, a trustee’s duties can include managing trust assets, making distributions to beneficiaries, paying taxes,

What Happens to a Medicaid Recipient If the Community Spouse Dies First?

If your spouse is in a nursing home or at heightened risk for needing such care in the future, special planning measures should be taken. Those measures include dealing with what happens if you, the healthy, so called “community spouse” pass away first. In that case, the spouse in the nursing home may become ineligible