Why Is Medicare Deducting Premiums from My SSDI Check, and Can the Deductions Be Avoided?
Medicare is a federal government health insurance program covering costs such as hospital charges, home health care, doctor fees, lab costs, outpatient care, and prescription drug coverage. Recipients pay premiums, deductibles, and coinsurance. For Medicare recipients...
Tax Benefits of a Qualified Disability Trust
The IRS classifies some special needs trusts as Qualified Disability Trusts, and these trusts have certain tax benefits. QDTs may claim a personal exemption on their federal income tax returns. Please note, as part of the Tax Cuts and Jobs Act of 2017 the personal...
Income Taxation of Special Needs Trusts, Part 1
In your future planning for your child with special needs, remember to consider income taxation of special needs trusts. If you set up a special needs trust (“SNT”) with another law firm, the attorneys may not have discussed how you should file taxes for that trust....
What Is a Resource? What Is Countable? Your Questions about SSI Eligibility Answered
Evaluating your countable resources is key to determining your SSI eligibility. Making this evaluation, however, can be complicated and confusing. Start by determining which items owned by you or owned by the planned SSI recipient are “resources”. A “resource” for...