Skip to main content

Social Security increase announced for 2012

The Federal Government announced that Social Security recipients will get a 3.6% increase in benefits next year, the first increase since 2009. The increase applies to checks for 2012. Since 1975, benefits have been tied to inflation and almost always went up, but the recession of the last few years has left the inflation index lower or unchanged, so Social Security benefits were unchanged in 2010 and 2011, as well (they can't go down).  But, this doesn't mean what you get will actually go up, there will be increases in Medicare costs as well. Speaking of which, the open enrollment period for Medicare plans is going on right now (it started and ends earlier this year than in previous years) so it's time to review your plan and either stay with it, or pick a new one for next year.

Comments

Popular posts from this blog

WILL YOU REALLY NEED LONG TERM CARE?

By Edward H. Adamsky             “The potentially catastrophic consequences of becoming disabled and needing long-term care is arguably the gravest financial risk that older adults face” says an Urban Institute report. But, will it happen to you? And, if so, have you saved enough money to pay for it? These are the worries we all face as we age. This is a worry even for younger folks because an accident or illness could trigger the need for care at any time.             The Urban Institute report shows that even though there are 6 million older Americans who need assistance with their activities of daily living, only about 500,000 folks are actually in nursing homes. Some use paid at-home care and many rely on unpaid family care. It seems that your chances of needing and paying for expenses care are relatively low. The stated average cost in the report is $138,000 for the ...

Clifton B. Kruse, Jr., Leading Elder Law Attorney, Dies at 74

Clifton B. Kruse , Jr., a revered elder law attorney who was admired as much for his kindness and generosity to fellow practitioners as for his grasp of the law, died December 30, 2008, in Colorado Springs, Colorado. He was 74. The cause was complications from Alzheimer's disease. For many in the field, Kruse set the standard for all that an elder law attorney can and should be. One of elder law's founding fathers, he combined a gentlemanly charm, warmth and caring with one of the sharpest and most ethical of legal minds. Wrote Arizona elder law attorney Robert Fleming in a tribute , "In my third of a century of elder law practice I have never met another lawyer who managed to pull together sophistication, heartfelt empathy, intellectual rigor and courtly manner in the same fashion Clifton Kruse projected. He did it, to all appearances, effortlessly. He was a friend and mentor to many in the elder law community (I count myself among those legions)." Kruse was the e...

Only one EIN per day!

The IRS has announced that representatives (lawyers, and others like me) can only obtain one tax ID number per day from now on.  They are known as Employer Identification Numbers or EINs and they are used for trusts, estates, businesses, and other entities that need a number for tax purposes but are not a person with a Social Security Number.  The announcement did not say that individuals cannot get more than one per day, just representatives. In most cases, this won't be a problem for me.  I usually only get one at a time when an estate or trust is created and needs one. But, there have been occasions when we created two trusts or two LLCs in one day and wanted two numbers.  Now it will take another day to get them (unless I ask the client to do it for him or herself.) The stated reason was to make the system work fairer and more smoothly.  I guess a few people were gumming up the system with lots of EIN requests. I don't know who those people wer...