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.
Buy enough life insurance . You can’t be replaced, but someone will have to fill in if you aren’t there. Your family will probably have to pay for some services that you used to provide. You can provide the money necessary, even if you don’t have much now, with life insurance. Set up a trust . Any assets left for a child with special needs, including life insurance proceeds, should be held in trust. Leaving money directly to someone with a special need jeopardizes public benefits. Some families disinherit children with special needs, relying on siblings to care for them. This approach is fraught with potential problems. The best approach is a trust fund set aside for the child with special needs. Write down the care plan . You must write down what a future caregiver will need to know about your special needs child. You may know everything but you need to write it down so it can be passed on. The memo or letter can be kept in the attorney's files or with the parent's estate plan...
Comments