When Social Security was first created in 1935, it wasn’t meant to be a primary source of income for retirees. Rather, it sought to provide an umbrella of protection for people who couldn’t save enough for retirement. Most Americans didn’t…
In 2023, recipients of Social Security benefits saw the biggest increase in decades in their monthly checks. Although their payouts will indeed rise again in 2024, the cost-of-living adjustment (COLA) will be more modest – just 3.2 percent, versus the nearly…
The Compassionate Allowances program helps the Social Security Administration (SSA) identify people living with rare and serious medical conditions that render patients disabled. According to SSA Acting Commissioner Kilolo Kijakazi, the Compassionate Allowances program is the SSA’s way of “reducing barriers…
SOCIAL SECURITY 2024 UPDATE SSI FOR NYS RESIDENTS Individual $1,030/month Couple $1,519/month MAXIMUM TAXABLE EARNINGS Social Security (OASDI only) $168,600 QUARTER OF COVERAGE Earnings Required $1,730/quarter SOCIAL SECURITY DISABILITY THRESHOLD Substantial Gainful Activity (SGA) Non-Blind $1,550 Blind $2,590…
SOCIAL SECURITY 2023 UPDATE SSI FOR NYS RESIDENTS Individual $1,001/month Couple $1,475/month MAXIMUM TAXABLE EARNINGS Social Security (OASDI only) $160,200 QUARTER OF COVERAGE Earnings Required $1,640/quarter SOCIAL SECURITY DISABILITY THRESHOLD Substantial Gainful Activity (SGA) Non-Blind $1,470 Blind $2,460…
A trust identification number identifies a trust, like any other legal entity, for tax purposes. You need a trust identification number in order to put assets into your estate planning trust. The number will always be either: The grantor’s Social…
Since 2018, thousands of recipients of Supplementary Security Income (SSI) have been receiving correspondence from the Social Security Administration (SSA) falsely claiming that the recipient owns properties that make them ineligible for SSI. As a result, the SSA has been…
If you are wondering about the future of Social Security, you are not alone. Many of us can surmise that Social Security may see its shortfalls and challenges eventually, but what is the actual prognosis? The Federal government contends that,…
In my many years of practice, I have found that not every parent is aware of all of the benefits to which their disabled child may be entitled. Social Security has additional benefits available to Disabled Adult Children (DAC) who…
In the simplest terms, a Grantor Trust is a trust that authorizes a grantor (the person who set up the trust) to retain certain powers with respect to the property transferred to the trust and the trust administration. These powers…