Posted by: Thomas D. Begley, III
Applicants for Social Security benefits can appeal the denial of their initial benefits. Those receiving Social Security benefits can appeal the reduction or termination of their benefits. Levels of Decision There are five levels of decision, four of which are appeals. Appealing is almost always worthwhile because many denials are overturned, especially denials of disability claims. 1. First Level of Decision After an application for benefits, the Social Security Administration (SSA) makes an initial determination of entitlement and amount of payment. (Note that state agencies make determinations of disability or blindness.) 2. Second Level of Decision If the initial determination [...]
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Filed under News, Special Needs Planning, Special Needs Trusts, Special Needs Trusts.
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Posted by: Thomas D. Begley, III
Estate planning for parents with disabled children is a very delicate and important proposition. During their lifetime, parents are able to provide emotional and financial support to their children. This support greatly enhances the needs-based government benefits, which are frequently utilized by the disabled, such as Supplemental Security Income (SSI) and Medicaid. When parents pass away, these special children lose emotional support, which can never be regained. Without proper planning, they can not only lose financial support, but their government benefits can be jeopardized as well. Estate planning on behalf of disabled children typically takes five forms: Disinheritance; Outright bequests; [...]
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Filed under Estate Planning, News, Special Needs Planning, Special Needs Trusts.
Tags: Estate Planning, Special Needs Trusts
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Posted by: Thomas D. Begley, Jr.
Many children with disabilities are receiving means-tested public benefits, such as SSI and Medicaid, or may receive such benefits in the future. By leaving monies outright to those children, they will become ineligible for those public benefits, which generally have an asset limit of $2,000. Only about 25% of clients prepare Special Needs Trusts for their children. Even those that do, often overlook the importance of beneficiary designations. Many clients believe that their life insurance policies, retirement plans, annuities, and other tax-deferred vehicles pass under their Wills and to the Special Needs Trust. Only probate assets pass under a Will. [...]
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Filed under Special Needs Planning.
Tags: Special Needs Planning
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Posted by: Begley Law Group
Estate planning for parents of disabled children requires more care and consideration than a simple Will. The financial and personal well being of a disabled child can only be property protected by utilizing special needs planning. This article will focus on the use of special needs trusts for disabled children and their parents. Economically, a number of government programs exist to support disabled individuals. These programs include SSI, SSDI, Medicare and Medicaid. To be eligible for some of these programs, the disabled individual can only earn a nominal amount of income and own very limited resources. The receipt of cash [...]
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Filed under Library, Special Needs Planning.
Tags: Special Needs Planning
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