Will possession of a gift card/certificate affect individual’s Supplemental Security Income? The answer to the question is: “It Depends.” George H. Gray / Tuesday, March 21, 2017 0 476 Article rating: No rating The receipt of unearned income during a month will generally result in a dollar-for-dollar reduction in Supplemental Security Income benefits (“SSI”); subject only to the $20 exclusion amount. Whether a gift card/certificate is deemed income depends upon the restrictions placed upon its use. Read more
Can a Special Needs Trust pay a beneficiary’s credit card bill? The answer is: It Depends George H. Gray / Thursday, March 09, 2017 0 503 Article rating: No rating If a special needs trust (a “SNT”) pays a credit card bill, the consequence of that payment depends upon what was on the bill! For example, if the SNT pays a restaurant charge made while the beneficiary is home, it will reduce his or her Supplemental Security Income (“SSI”) benefit. If, on the other hand, the SNT pays a charge for clothing it will not result in a reduction of SSI benefits Read more
Can a Supplemental Needs Trust pay for restaurant meals? It cannot if you're at home; it can if you're on vacation George H. Gray / Thursday, March 02, 2017 0 306 Article rating: No rating The answer to the question is: “It Depends.” The SNT should not pay for a restaurant meal while the beneficiary is at home; but, it can pay for restaurant meals while the beneficiary is on vacation! Read more
Why Millennials Need a Will You are not too young to have a Last Will & Testament George H. Gray / Thursday, February 16, 2017 0 315 Article rating: No rating Many millennials believe that because they have a young family and have not accumulated a significant Estate they do not need a Will. If you imagine the unthinkable and one parent dies, what becomes of his or herstuff Read more
Why Do I Need To Appoint a Trustee As Part of My Estate Plan? Trusts are a more often used Estate Planning strategy than conventional wisdom would predict George H. Gray / Thursday, February 09, 2017 0 358 Article rating: No rating Trusts are more commonly used in the Estate Plan of a middle-class New Yorker than conventional wisdom would predict. For instance, a trust for the benefit of minor children is always a good idea when planning for their lives after the death of both parents. Parents and grandparents of a child with special needs will find the many advantages of a supplemental needs trust worth exploring. Elderly couples may find an irrevocable income only trust a useful tool in their Medicaid Planning. Read more