By Kris L. Maser So what will it take to restore solvency to the Social Security system? The trust fund is still growing:• The trust fund balance on 12/31/2009 was $2,540 trillion.• The total income for the year 2010 was $781 billion.• The total expendit [...]
By Kris L. Maser What if you apply for early for Social Security benefits? If you were born between 1943 and 1954:• At age 62 your benefit will receive 75% of your total benefit plus the 2.8% annual cost of living adjustment.• At age 63 your benefit will be 80% of your total [...]
By Kris L. Maser Here is how to estimate your Social Security benefits. If you are 60 or older you will receive an annual statement in the mail. This statement should help you estimate the benefit. Or you can go to www.SocialSecurity.gov and click on Estimate your retirement [...]
By Kris L. Maser Divorced Spouse Benefits:?• The ex-spouse must have applied for benefits.?• The spouse must be at least 62 for reduced benefits or 66 for full benefits.?• The marriage lasted for 10 years or more.• The person receiving the divorced-spouse benefit is currentl [...]
By Kris L. Maser Under Minn. Stat. section 626.5572 sebd.21 a vulnerable adult is defined as a person 18 years or older who: • Receives certain services from a qualified providerOR• Regardless of services received, possesses physical, mental, or emotional infirmity or [...]
Parents and guardians of children with special needs can do everything perfectly from qualifying their child for government assistance, to establishing a trust, to ensuring that their daily needs are fully met. However, not having a legal Will in place may jeopardize much of [...]
A Letter of Intent is a document that goes hand-in-hand with a Special Needs Trust or a Supplemental Needs Trust. Also known by the names “Plan of Care,” “Memorandum of Care,” and “Memorandum of Intent,” the purpose of writing a Letter of Intent is to provide instructions an [...]
For families and friends of individuals with special needs, the primary concern is sustaining the individual financially. Not only do we want to ensure that their requirements for daily care are met, but we also want to make every effort to provide the best quality of life po [...]
A Special Needs Trust is a trust established to meet the supplemental needs of a person with a legally defined disability who is under the age of 65. The trust is funded with funds or assets which already legally belong to the disabled individual. These can be assets that ar [...]
A Supplemental Needs Trust is established for the benefit of a person with special needs as long as the Beneficiary is not over the age of 65. and residing in long-term care without a reasonable expectation of discharge. Use of a Supplemental Needs Trust allows the Beneficiar [...]
