When the parent of an adult with disabilities retires or passes away, the child may qualify for federal disability benefits, even if the child has never worked. Each month in 2021, the Social Security Administration (SSA) paid an average of $2.8 billion in benefits to 4 million children with retired, deceased, or disabled parents. Social
Adults who cannot manage their finances and do not have requisite cognitive capacity to appoint an agent under power of attorney become subject to court supervision via appointment of a guardian. In Pennsylvania, such a person is referred to as a “Guardian of the Estate”. In cases where individuals need help with personal care decisions,
Elder law and estate planning serve two different — but equally vital — functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets after you die. Elder law planning is concerned with ensuring that seniors live long,
Anyone who gifted assets within five years prior to applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a nursing
While a durable general power of attorney that appoints someone to act for you if you become incapacitated is a great tool, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable general power of attorney allows you to appoint someone you trust to step in for you
The Social Security Administration pays disability benefits through the Social Security Disability Insurance (SSDI) program and the Supplemental Security Income (SSI) program. Applying for disability benefits through the SSDI or SSI programs can be daunting. Here is a brief overview of how the application process works and what you can expect after you’ve applied. What Is Supplemental Security Income?
For individuals with disabilities, an inheritance or settlement can jeopardize their government benefits, such as Medicaid and Supplemental Security Income (SSI). A special needs trust (SNT) can help the individual remain eligible for these benefits while ensuring they have additional financial support. What Is a Special Needs Trust? A special needs trust (SNT) is
According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: Procrastination Believing they need more assets Not knowing how to make an estate plan An estate plan is a comprehensive set of legal documents and
What Is A Fiduciary? When you need someone else to care for money or property on your behalf, that person (or organization) is called a fiduciary. A fiduciary is a person or entity entrusted with the power to act for someone else, and this power comes with the legal obligation to act for the benefit of
Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes. An LLC is somewhere between a partnership and a corporation. Like a corporation, LLC owners are protected from
