Social Security Archives - Carol A. Lawson

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Lady Bird Deeds In Florida

March 18, 2024/in carollawsonesq, carollawsonpa, Elder, Estate Planning, flipflopattorney, flipfloptrustattorney, Probate, Social Security, Wells Fargo, Wills/by Carol A. Lawson, Esq.

A Lady Bird Deed, also known as an Enhanced Life Estate Deed, can be a useful estate planning tool for homeowners in Florida. Here are a few reasons why you may want to consider having a Lady Bird Deed for your homestead property:

Avoiding Probate: When you pass away, your property typically has to go through the probate process before it can be distributed to your heirs. This process can be time-consuming, expensive, and can tie up your property for months or even years. A Lady Bird Deed can help you avoid probate by allowing your property to pass directly to your designated beneficiaries without going through probate.
Retaining Control of Your Property: With a Lady Bird Deed, you retain control of your property during your lifetime. You can continue to use and enjoy your property, sell it, or mortgage it without the need for your beneficiaries’ permission.
Medicaid Planning: If you require long-term care in the future and need to apply for Medicaid, a Lady Bird Deed can help you protect your property from being subject to Medicaid estate recovery. This means that your property would not be sold to pay back the government for any Medicaid benefits you received.
Flexibility: Lady Bird Deeds offer flexibility and can be revoked or amended during your lifetime. This means that if your circumstances change, you can change the beneficiaries or revoke the deed altogether.
Homestead Exemption: In Florida, homestead property is entitled to certain legal protections, such as exemptions from property taxes and creditor claims. A Lady Bird Deed can help ensure that these protections remain in place while allowing you to transfer the property to your designated beneficiaries.

In summary, a Lady Bird Deed can be a useful estate planning tool for Florida homeowners, allowing you to avoid probate, retain control of your property, protect your property from Medicaid estate recovery, and maintain your homestead protections. However, it is important to consult with a qualified estate planning attorney to determine whether a Lady Bird Deed is right for you and your specific circumstances.

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A Special Needs Trust Allows You to Leave Your Estate

January 7, 2020/in Estate Planning, Social Security, Special Needs/by Carol

A Special Needs Trust Allows You to Leave Your Estate to Your Special Needs Child Without Jeopardizing Public Assistance Benefits For the Child

A special needs trusts allows parents to leave funds to developmentally (Autism, Down Syndrome, or another developmental or intellectual disability) or physically disabled children, but maintain the child’s eligibility for public health care and assistance benefits. A Florida special needs trusts, also called Florida supplemental needs trusts, are vital for parents who need or want to provide for their special needs children.

If a child with special needs has been left an inheritance, he or she may not qualify for benefits…despite being unable to earn a living. A special needs trust holds the assets you wish to leave your child, acting as a supplement to the disabled child’s government resources. When structured properly, funds in these trusts can only be used for goods and services over and above what government assistance provides for the disabled child, and cannot be used as payment for taxes or creditors. The child has no control over the funds.

Carol A. Lawson, Esq., 28870 U.S. Hwy 19 #300, Hodusa Towers, Clearwater, FL 33761

Phone: (727) 410-2705; email: calh@gate.net

Clearwater Bankruptcy Attorney, Clearwater Bankruptcy Lawyer, Clearwater Bankruptcy, Clearwater Estate Planning Attorney, Pinellas Estate Planning Attorney, Pinellas Probate Attorney #FileLocallyDontOverpay #ClearwaterBankruptcy #ClearwaterBankruptcyAttorney #ClearwaterEstatePlanning #ClearwaterProbate

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Social Security Benefit Payable on Death

March 29, 2016/in Consumer Financial Protection Bureau, Social Security/by Carol

A deceased beneficiary may have been due a Social Security payment at the time of death, this is because Social Security actually pays one month behind. So if you die in September, your family is due the benefit from August.

Amounts due a deceased beneficiary may be paid to a family member or a legal representative of the estate in the following order.

The surviving spouse who was either living in the same household as the deceased at the time of death or who, for the month of death, was entitled to a monthly benefit on the same record as the deceased;
Children who, for the month of death, were entitled to a monthly benefit on the same record as the deceased;
Parents who, for the month of death, were entitled to a monthly benefit on the same record as the deceased;
A surviving spouse not qualified under 1. above;
Children not qualified under 2. above; ****
Parents not qualified under 3. above; or
The legal representative of the deceased person’s estate.

https://www.ssa.gov/forms/ssa-1724.pdf

https://www.ssa.gov/forms/ssa-1724.html

https://secure.ssa.gov/ICON/ic001.do#officeResults

*** Note if you have more then one adult child and money is not going into an estate account each child will need to fill out their own form. The Social Security Administration will not release all the money to one child. This is a great safety net since a client’s sister tried to get all the money sent to her along with the IRS tax refund recently.

Carol A. Lawson, Esq., 28870 U.S. Hwy 19 #300, Hodusa Towers, Clearwater, FL 33761

Phone: (727) 410-2705; email: calh@gate.net

Clearwater Bankruptcy Attorney, Clearwater Bankruptcy Lawyer, Clearwater Bankruptcy, Clearwater Estate Planning Attorney, Pinellas Estate Planning Attorney, Pinellas Probate Attorney #FileLocallyDontOverpay #ClearwaterBankruptcy #ClearwaterBankruptcyAttorney #ClearwaterEstatePlanning #ClearwaterProbate