WHAT IS MY TRUST IDENTIFICATION NUMBER AND WHY WOULD I NEED AN EMPLOYER IDENTIFICATION NUMBER (EIN) FOR MY TRUST?

A trust identification number is a number that identifies a trust, like any other legal entity, for tax purposes.   You need a trust identification number in order to put assets into your trust.  Your trust identification number will always be either 1) the Grantor’s Social Security Number, or 2) a number issued by the IRS,… Read More »

Social Security Disability: It’s a Marathon, Not A Sprint!

This article is written by Crysti Farra, Esq., a guest author for the Russo Law Group P.C. blog.  Social Security, as a program, began in 1935; however, it took more than 20 years before Social Security Disability Insurance (SSDI) was added under the Eisenhower administration. Even still, those in the population who were younger than 55,… Read More »

Does Social Security Recognize a Power of Attorney?

Social Security and Supplemental Security Income (SSI) benefits are incredibly important for many senior citizens and individuals with special needs. It can be devastating if there is a disruption in these benefits of any kind. In order to avoid disruption or mitigate any issues regarding these federal payments, it is important to make sure that… Read More »

Do I Qualify for Supplemental Security Income?

Social Security is a retirement benefit for individuals who are working and contributing to the social security system. However, it also has a benefit for disabled workers and disabled individuals. Supplemental Security Disability Social Security Disability (SSD) is a plan that functions under the Social Security umbrella. If you’ve contributed to the Social Security system,… Read More »

Benefits for Widows and Widowers: Spouse’s Social Security

Widows and widowers are entitled to Social Security benefits from their deceased spouse equal to the collection amount at the time of death, or the potential entitlement amount if the spouse had not yet applied for the benefit. In order to best advise their clients, accountants and attorneys should understand the laws that govern this… Read More »

2017 Social Security Update

This update provides new information for 2017 Social Security taxes and benefits. This is the second of a four-part series of updates for 2017. SSI for NYS Residents: Individual Couple   $822/month $1,207/month  Maximum Earnings Taxable Social Security (OASDI) $127,200/year  Quarter of Coverage Earnings Required $1,300/quarter Social Security Disability Threshold Substantial Gainful Activity (SGA) Non-Blind Blind Trial… Read More »

How Can a Crowdfunding Account Affect a Person on Medicaid and SSI?

Over the past couple of years, when on social media, I have seen more and more crowdfunding and personal fundraising efforts. Crowdfunding sites such as GoFundMe and Kickstarter cut out the middleman of fundraising, allowing the person or organization in need to appeal directly to the general public. In many cases, crowdfunding takes place when… Read More »

Organizational Apps That Help You Move & More!

Our practice produces many important documents for elderly clients. Clients may forget where these documents are located within their home, lose track of the documents’ location over the course of a move, or may pass on without sharing the actual documents (or their location) with their children, executor, or guardian. There are a few smartphone… Read More »

Caring for a Child with Special Needs? You May Be Eligible for Early Social Security Benefits

Caring for a child with special needs requires many resources, one of which may be Social Security Disability Insurance (SSDI). When a parent of a child with special needs retires and begins receiving Social Security retirement benefits, the child may qualify for SSDI. A lesser known provision in the Social Security regulation allows the spouse… Read More »

Are You Ready for Tax Season? Tips for 2016

We’re heading into the 2016 tax season. By the beginning or middle of February, you should have received all your tax statements, which might include: A W-2 from an employer; A 1099 statement from a bank or brokerage account; An SSA-1099 from the Social Security Administration; A 1099-R from a retirement investment; and A schedule… Read More »

Social Security 2016 Update

This update provides new information for 2016 Social Security taxes and benefits. SSI for NYS Residents: Individual Couple   $820/month $1,204/month  Maximum Earnings Taxable Social Security (OASDI) $118,500/year  Quarter of Coverage Earnings Required $1,260/quarter Social Security Disability Threshold Substantial Gainful Activity (SGA) Non-Blind Blind Trial Work Period $1,130/month $1,820/month $810/month  Cost-of-living Adjustment (COLA) for December… Read More »