You are right; the Social Security Administration does not honor durable powers of attorney. Powers of attorney are created under state law and are not necessarily binding on federal agencies. A representative payee manages benefit payments for beneficiaries who are...
One way for a gift to be exempted from reporting requirements, no matter the gift’s size, is to pay for someone else’s educational tuition. However, only payments directly to educational institutions qualify for the exemption to the gift tax filing...
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...
When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. The date that the agency chooses for this analysis is called the “snapshot” date and it can have a major...
For years people have been worried about Social Security’s future, but what is the actual outlook? According to the federal government, unless Congress acts to intervene, Social Security shortfalls are expected beginning in 2035. Social Security retirement benefits...
Making sure your end-of-life wishes are followed no matter where you happen to be is important. If you move to a different state or split your time between one or more states, you should make sure your advance directive is valid in all the states you frequent. An...
Whether you should prepare and file a Medicaid application by yourself or should hire help depends on answers to the following questions: How old is the applicant? How complicated is the applicant’s financial situation? Are you concerned with the well spouse...
Long-term care costs climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases. In the past year, Genworth...
Tax day, which is Tuesday, April 19 in 2022, is approaching and it is time to begin crossing T’s and dotting I’s in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions...
Just about everyone with Down syndrome (DS) will begin developing Alzheimer’s starting at about age 40, making it the leading cause of death for the 200,000 or so people with DS in the U.S. But this dire prognosis is getting little attention. Many guardians and...
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