Cassidy Law Firm

01/11/2024

When signing up for Medicare- beware of Medicaid Advantage plans....

01/09/2024

Are you regretting taking a lower social security benefit before your full retirement age? It's rare in life--but you can have a do-over--read article below on reseting your your social security to get a higher monthly benefit.

INCREASE YOUR SOCIAL SECURITY BENEFITS POST-FILING
Maximizing Social Security benefits offers various strategies, and a straightforward approach involves delaying the filing for benefits. The longer the delay, the greater the monthly payment, peaking at age 70. Surprisingly, even if benefits have already been filed, there are scenarios where individuals can still capitalize on a substantial annual increase—up to 8 percent.
Yes, you can opt for a "do-over" after choosing to receive Social Security benefits, seeking a higher monthly payout. There are two key strategies outlined below, applicable in specific situations.
Why consider a "do-over" on Social Security? Several reasons include:
• If benefits were claimed before reaching full retirement age, and subsequent earnings exceeded a specified level, Social Security imposes penalties for earned income.
• In the event of a new income source, like a job or inheritance, you might choose to defer your Social Security check, recognizing it's not immediately needed.
• Opting for a lower income now in exchange for a more substantial payout later becomes a strategic choice, especially if anticipating a longer lifespan.

Regardless of the motive, two circumstances allow for a "do-over."
1. Suspend Your Social Security Benefit:
• Conditions for suspension:
• Benefits were claimed before full retirement age.
• Full retirement age has been reached, but not yet 70.
• By meeting these conditions, you can suspend benefits, earning delayed retirement credits monthly. This results in a 0.666 percent increase per month, equivalent to an 8 percent annual rate. This increase occurs alongside any cost-of-living adjustments (COLA). The potential for a significant improvement in payout remains viable even in later stages.
• Benefits stop the month following the suspension request, with the option to restart them at any time with the adjusted payout. At age 70, benefits automatically resume at the current payout amount.
• Importantly, suspending benefits does not mandate repayment of previously received payouts. While it affects those claiming benefits on your record (e.g., spouse or minor child), ex-spouses claiming benefits remain unaffected.
2. Withdraw Your Social Security Benefit:
• Conditions for withdrawal:
• Benefits began less than 12 months ago.
• No previous withdrawal of benefits has been filed.
• If meeting these conditions, you can withdraw benefits, essentially reverting to a state as if Social Security had never been filed. The potential benefit increases up to 8 percent annually after reaching full retirement age.
• Withdrawals are possible at any age, provided the stipulated conditions are met. Repayment, however, includes returning all received funds, encompassing Social Security payouts and related program payments.
• Withdrawal requests must be in writing, with a 60-day window to reverse the decision post-approval by Social Security.
Key Differentiators:
1. When You Can File:
• Suspension is available post-early filing, above full retirement age but below 70. Withdrawal is feasible within the initial 12 months of receiving benefits, without prior withdrawal filings.
2. Repayment of Benefits Taken:
• Suspension does not necessitate repaying prior Social Security funds. Withdrawal mandates full repayment of received benefits.

It's crucial to acknowledge that turning off Social Security payments, particularly if Medicare premiums are deducted, requires self-payment of Medicare premiums.
In conclusion, opting for a "do-over" on Social Security can be a strategic move in specific circumstances, potentially resulting in a higher monthly payout.

Michele Cassidy J.D., LLM

11/07/2023

Do you have a loved one at home suffering from cognitive impairment? The Medicaid Transition and Diversion Program can help you keep them out of a nursing home

An important Medicaid program called the Nursing Home Transition and Diversion program may offer you an alternative to living in a nursing home. If you are ...

02/20/2023

GREAT NEWS--NOW YOUR DISABLED LOVED ONE ON SSI CAN HAVE MORE THAN $2000 IN HIS/HER/THEIR NAME

Early in 2014, Congress passed legislation creating special accounts for persons with disabilities known as the “Achieving a Better Life Experience”– who thinks of these names? (ABLE) Act; To summarize, the Act provides that a person who became disabled prior to age 26 may establish an account, similar to a special needs trust, to accumulate funds to pay for qualified disability expenses.

• Provided the account is less than $100,000, it will not count as a resource for Supplemental Security Income purposes.
• Income accumulated within the ABLE account is not subject to income tax as earned.
• Managed by the person with disabilities rather than a trustee, if funds are used for “qualified disability expenses,” there is never any income tax.
• Any funds remaining at the death of the beneficiary are to be used to pay back the State for any benefits that the beneficiary has received, although funds may also be rolled into another ABLE account for a family member who is also disabled.

The ABLE Act law is tax legislation, similar to the Act creating Section 529 education accounts; Like Section 529 plan accounts, ABLE requires implementation by each individual State. A number of States are expected to do so beginning January 1, 2016.

There can be only one ABLE Act account for each person, although more than one person may make deposits into that account. However, deposits from all sources may not exceed the annual gift tax exclusion, presently $17,000. Contributions must be made in cash or cash equivalents. If the account balance grows to more than $100,000, SSI benefit payments are suspended, but the person does not lose any other benefits which rely on SSI status. Once the account level dips to $100,000, SSI benefits are restored.

FOR MORE INFORMATION ABOUT SETTING UP AN ABLE ACCOUNT FOR YOR LOVED ONE, CALL CASSIDY LAW FIRM.

04/28/2022

Attention Seniors- think twice before signing up for Medicare Advantage plans.

01/06/2022

Elder Care Planning now can help lessen socioeconomic impact on families of caring for aging parents.

Just 7% of white households live with or otherwise financially support a parent or grandparent, compared with 11% of Black families and 18% of Hispanic families.

09/16/2021

Digital assets enable your online data, such as beloved photos and records, to stay safe and protected after your passing, and can help save your loved ones from unnecessary trouble and heart ache.

Without special provisions in your estate plan, your loved ones may not be able to access accounts for photos, bills, social media, music or other online...

08/18/2021

As a health care worker caring for elderly folks, is absolutely necessary to get vaccinated to keep them safe from COVID-19, especially with the more serious Delta Variant spreading through the nation.

The order issued by the state Health Department covers staffers at privately run and public hospitals, nursing homes and other elder care facilities and congregate settings.

07/29/2021

Paid family leave would allow families to take care of vulnerable loved ones, such as parents and grandparents, without damaging their livelihoods.

Both snarled traffic and a morning without a home health aide can make you late for work.

07/15/2021

Technology is greatly changing the world of elder care, taking weight off care givers and helping protect the elderly. Artificial intelligence has helped some greatly lessen hospital trips and can monitor seniors throughout the day.

Computers are increasingly guiding decisions about elder care – and tracking everything from toilet visits to whether someone has bathed

04/07/2020

MEDICAID LONG TERM CARE PLANNING ALERT
Effective October 1, 2020, a 30 month look back will be imposed for community based long term care services “ defined as “home health care services, private duty nursing services, personal care services, assisted living program services and such other services for which medical assistance is otherwise available” The look back period for nursing home remains the same, 60 months, or five years. The legislature originally sought to impose a similar look back for Medicaid home care services but thanks to tireless lobbying the elder law bar, the the look back period was limited to two and a half years. What this means is any transfer of assets during the 30 month period prior to the submission of the home care application to Medicaid will be penalized. Medicaid will total up the value of all assets given away in the prior two and one half years and divide the total by the average regional rate for nursing homes in effect at the time. (this rate is $12,805 in Westchester for 2020) The resulting sum is the number of months for which Medicaid will not pay for the home care services of the Medicaid applicant.
We at Cassidy Law Firm can still help your loved ones qualify using annuities, and promissory notes, trusts and other planning strategies. Call our offices today to discuss appropriate steps to take now to ensure your assets are protected from the catastrophic costs of long terms care

03/22/2020

REMOTE EXECUTIONS NOW POSSIBLE, PER CUOMO'S NEW EXECUTIVE ORDER.

Stuck at home? Protect your home using an asset protection trust. Get your will executed and that crucial power of attorney finalized remotely. We're open for business. Telephone and video conference consultations available across NY state.

Click here for details.
http://www.cassidyelderlaw.com/ABOUT.html