Social Security Planning Archives - Elder Law Center of Wisconsin

11 Jan Off

Here’s what happens with Social Security payments when someone dies

KEY POINTS In most cases, funeral homes notify the government that a person has passed away.If the person was receiving Social Security benefits, a payment is not due for the month of their death.Survivor benefits may be available, depending on several factors. When a loved one receiving Social Security benefits passes away, you may wonder how the government knows to stop sending that monthly money. Or, maybe there’s a surviving spouse or dependent who relied on that income and wonders whether some sort of payment...

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10 Jan Off

Special Needs trusts - elder law center of Wisconsin

Special Needs Trust: A Viable Option for Social Security Planning

in Social Security | tagged: Attorney Social Security Planning Special Needs Trust

The Special Needs Trust (also known as Supplemental Needs Trust) is created to transfer property or money to a person who has a serious disability. This trust is used to wisely manage the money for the person with disability. The trust allows a person with disability for maintaining the eligibility for the government benefits, primarily Supplemental Security Income (SSI) and Medicaid. Guidelines The guidelines of Special Needs Trust are complicated and dependent on various factors: Age of Disabled Person: If...

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24 Nov Off

Is Your Social Security Income Taxable?

in Social Security | tagged: Social Security Social Security Benefits Social Security Income Social Security Planning

Is your social security income taxable? Only a tax professional can give a good answer to this question. Being a tax professional, the answer to the above question is ‘maybe’, because the taxation of your social security income is entirely dependent on how much additional income you receive from other sources such as income from part-time work, self-employment income, income from pension and distributions from retirement accounts. Therefore, your social security benefits may be tax free or partially taxed. Social...

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