What is a Windfall Offset in Social Security Disability?

Many times people who file for disability with the Social Security Administration (SSA) have claims for both Disability Insurance Benefits (DIB) and Supplemental Security Income (SSI). Also, many times, the person who is found disabled is really only entitled to, at most, five months of past due SSI benefits. Yet, SSA will start off with paying the person many more months of SSI to which they are not really entitled. When SSA tries to figure what you are owed in past due DIB, they reduce that amount by what you have been overpaid in SSI. This is called the windfall offset. Sounds simple enough doesn’t it? But it is not. SSA withholds the past due DIB until the offset is calculated. In about a twenty-one percent (21%) of the time it is not calculated at all and another thirty-one percent (31%) of the time it is not done in a timely manner. Two percent (2%) of the time it is done incorrectly. Only about forty-five percent (45%) of the time are things done properly. This can be very confusing to individuals receiving disability benefits. It can also make it difficult for the disabled person to receive all past due benefits to which they are entitled. At Perry Law Office, after we help a person obtain a favorable decision that they are disabled, we follow their claim in an effort to see that all past due benefits are properly paid.

Posted in Disability Insurance Benefits, Social Security Disability, Supplemental Security Income Tagged with: , , , ,

Transfer on Death Deed

A transfer on death deed (aka TOD or TODD) can be used to name a beneficiary for your real estate upon your death. You, as the owner, retain full ownership and responsibility for the property, including paying property taxes and filing for any applicable exemptions. The actual transfer of ownership is not completed until the owner’s passing. The deed must name the beneficiary, after all that is the reason for doing the deed. It must still be properly recorded in the county where the real estate is located. The deed can be revoked or changed at any time prior to the owner’s passing.

If the property is sold before the owner’s death, then the beneficiary has no future rights to the property even if a valid TOD was recorded. It is the same as in a Will or any other deed, only what is owned can be convey or transferred, and when the owner sells the land they cannot also convey it to a beneficiary as they no longer retain ownership. Another consideration is when the property is held jointly such as tenants in the entirety, then both owners must convey the property to the same beneficiary, otherwise the TOD is void.

By way of the automatic transfer upon death, the property is no longer part of the deceased’s estate. Using this type of deed can be beneficial in eliminating the need to open an estate and go through the probate process. In general you must open an estate and go through probate if the value of the estate is $50,000 or more. If you are interested into discussing the possible benefits a transfer on death deed may be to your estate plan, please contact Perry Law Office for a free consultation.

Posted in Estate Planning, Transfer on Death Deed Tagged with: , ,

What does a Personal Representative of an Estate need to do to get started?

Personal Representative is a gender neutral legal term used in Indiana and is the person(s) named to wrap up a deceased’s affairs and distribute the assets. Other states may refer to this person as the Executor (male) or executrix (female) of the Estate. If the Decedent had a Will, they typically would have named their choice for Personal Representative in this document. Once the estate is opened with the court, the court will officially approve the Personal Representative, thus giving them the authority to handle the affairs and assets of the decedent.

There are several things you are tasked with handling, while some of them may not seem difficult, they can be time consuming and hiring an attorney may help.
1. Locate the Will and determine how distribution of assets is to go. This is more involved than just finding the assets and handing them out
to the heirs, and there are time frames that should be followed.
2. Locate and secure all assets making sure they are locked, insured, and harbored in a safe place. This includes securing the house, vehicles,
bank accounts, and personal belongings.
3. Keep the utilities and mortgage paid, but cancel the non-essentials like cable and the newspaper.
4. Open an estate bank account.
5. Review all bills, and determine what must be paid now.
6. Determine if tax returns must be filed.
7. Everything must be kept separate than the Personal Representative’s assets.
8. Determine all heirs to inherit under the Will. Get approval by all to close the estate and distribute the funds.
9. You as Personal Representative could have personal liability if handled incorrectly.

This is not an exhaustive list of the duties of a Personal Representative and every case is different.

Please contact Perry Law Office, your Fort Wayne attorneys 260-483-3110 or visit us at our website

Thank you
Perry Law Office

Posted in Estate Planning, Personal Representative, Wills Tagged with: , ,

Why you should not draft a Will online

There are many websites where you can draft your Will, but do you really know what you are getting? Always remember, you get what you pay for.

Before you have some website create important Estate Planning documents for you, consider the following:

1. Generic Documents. Many of the sites offer generic documents that are intended to be a “one size fits all”. When it comes to estate planning, this is not the time for you to try on a “one size fits all” document. You may have very specific needs that cannot be addressed in the generic document. What if you want to leave someone out of your will? What if you want to leave a specific item to someone? What if you want to make sure if a child predeceases you that your grandchild gets their share? These documents are often templates and may or may not allow you to address your questions and concerns.

2. Every state has different legal requirements. Each states has its own tax inheritance laws, as well as certain requirements to make a valid Will. Are you confident that the generic forms cover your state’s requirements? In Indiana, you must be 18 years old, of sound mind and the Will must be signed by two disinterested witnesses. The website does not offer you witnesses to sign your Will, so even when you are done printing there are still steps to be followed to make sure the Will is valid.

3. Consulting an attorney? Many of these sites do not have an attorney walking you through the process, or even offer to have an attorney contact you before drafting your documents. If you have questions there is little guidance. Often you will even find a disclaimer that this is not to be considered legal advice. Who will you ask the important questions of what can I and what can’t I put in a Will? Or how do leave or specifically not leave someone, something? What is best you, based on your current martial, familiar, or financial situation? There are various types of of Wills and Trusts, depending on your specific needs that you should consider before choosing a Will.

4. Making changes. Many times your Will is not retained by the website and any changes you may want to make requires you to start over. Before you make those changes, are they even necessary? The website will not be able to advise you on whether changes are necessary or not.

5. You retain your own Will. Sounds great, right? What happens if you spill your morning coffee on the file you just safely placed your Will in? What happens if you have a fire? Or the safe with your Will was just stolen? Your original Will is now gone and cannot be replaced. You will have to go online and start over, and probably pay the cost again to recreate it. Most courts require the original Will, not a copy in order to probate it. As a courtesy to our client’s, we retain your original Will in a fire proof safe, and you are welcome to it at any time.

6. Other essential Estate Planning documents. Along with a Will, do you have a Power of Attorney? Did you know a Will only kicks in after death? What if you or your significant other becomes incapacitated? Who will make your, financial and medical decisions? These are documents we strongly suggest everyone have. See if the website you are one explains the need for a Power of Attorney and that there are different types, financial and health care. An experienced attorney can explain each of these to you and when and how they may come into play, so you may make an informed decision on whether you need them or not.

We are experienced attorneys at Perry Law Office and offer free phone consultations. We will happily walk you through the process and answer all of your questions and resolve any of your issues. We then draft your Estate Planning documents to fit your individual needs. We, at Perry Law Office, will explain the various documents that everyone should have along with a valid Will.

Wills, Financial Power of Attorneys, Health Care Power of Attorneys, and Living Wills, are important documents and choosing the right combination of estate planning documents can be daunting. Do you need all of these? Maybe. Let’s talk about it and decide what is the appropriate for your current needs. There are also reasons that arise that would cause you to update your plan, and you should be reviewing it with every major life change. Since our attorneys have been working with you from the beginning, they will help you make changes to your plan with ease and advise you on whether an updated Will or Power of Attorney is necessary for you.

Perry Law Office, your local Fort Wayne attorneys. Call us today, 260-483-3110

Posted in Estate Planning, Living Wills/Advance Directives, Power of Attorney, Wills Tagged with: , ,

Do you know these key Estate and Probate terms?

Planning your estate or dealing with an estate of a loved one after they have passed could have your head swimming with “legal terminology”. We at, Perry Law Office, understand that this process can be daunting and sometimes flat out confusing. Some of these terms and phrases may be familiar to you, while others may be completely foreign. Here are few key terms that you may come across:

Administration: The process of opening an estate with the court and distributing assets.

Assets: Anything that is owned! Property, vehicles, cash, bank accounts, jewelry, antiques are all assets.

Beneficiaries: Person(s), organization or charity that will receive the assets of the deceased

Creditors: Anyone the decedent owed money

Deceased or Decedent: Person who has passed away

Durable Power of Attorney- also known as a POA or power of attorney, a document that gives someone else the power to act on your behalf to make certain financial decisions or it can also appoint a Health Care Representative to make medical decisions on your behalf when you are unable to.

Estate: Everything left by an individual at their death, including assets and debts

Executor: The person(s) named to wrap up a decedent’s affairs and distribute the assets. Commonly known as Personal Representative in Indiana

Fiduciary: Person having the legal duty to act primarily for another’s benefit. Implies great confidence and trust, and a high degree of good faith. Usually associated with a trustee, but
personal representatives also have the legal duty to properly administer the estate.

Grantor: The person who sets up or creates the trust. The person whose trust it is. Also called creator, settlor, trustor, donor or trustmaker.

Irrevocable Trust: A trust that cannot be changed (revoked) or cancelled once it is set up. Opposite of revocable trust.

Intestate: passing without a Will. State laws will determine how the assets are distributed, not the wishes of the deceased.

Living Trust: A written legal document that creates an entity to which you transfer ownership of your assets. Contains your instructions for managing your assets during your lifetime and for
their distribution upon your incapacity or death. Avoids probate at death and court control of assets at incapacity. Also called a revocable inter vivos trust. A trust created during one’s lifetime.

Living Will: A written document that states you intentions to have life prolonging measures taken or your wish not to be kept alive by artificial means when the illness or injury is terminal. The name is a bit misleading as it has nothing to do with your Last Will and Testament.

Per Capita: A way of distributing your estate so that your surviving descendants will share equally, regardless of their generation. I.e. there are four siblings that were to share equally in quarters, one sibling passes and now the three surviving siblings share in thirds.

Per Stirpes: A way of distributing your estate so that your descendants and their heirs share the pre-deceased descendants portion of the estate. If one of your beneficiaries passes before you, then their children would take their share. I.e. there are four siblings that were to share equally in quarters, one sibling passes, and the sibling that passes has two children. The three siblings still each get a quarter, and the two children share the last quarter. Good way to give something to grandchildren if their parent’s have passed.

Personal Property: Includes items that can be moved, like clothing, jewelry, money, and vehicles. (for land or real estate see Real Property)

Personal Representative: The person(s) named to wrap up deceased’s affairs and distribute the assets. You may have heard this called an executor or administrator.

Power of attorney: A document you sign giving authority for someone else to act on your behalf. Could be financial, healthcare, or even for a limited purpose such as purchasing property for you in your absence. To survive incapacity you must have a Durable Power of Attorney.

Probate: The legal process of validating a Will with the court and wrapping up affairs of the deceased.

Real Property: Land, houses/homes, or other buildings

Revocable Trust: A trust set up in which the person setting it up can change or cancel it. This is a good way to avoid probate.

Testate: Person who dies with a Will

Trust: An entity that holds assets for the benefit of certain other persons or entities.

Will: A written document providing instructions for distributing your assets and estate. You can make it vague/simple (equally to my children) or as detailed as you like (gun collection to my son Jim, my 1965 Chevy Camera to my daughter Sarah, etc). This is also called Last Will and Testament.

Let the attorneys at Perry Law Office, help you through this maze of legal terminology and confusion. We are here to help. Give us a call at 260-483-3110 and ask to speak with one of our knowledgeable attorneys today. As always, there is a free consultation.

Posted in Estate Planning, Key Estate Terms, Living Wills/Advance Directives, Power of Attorney, Wills Tagged with: , , ,

Importance of Estate Planning: “What If” – Importance of Power of Attorney and Health Care Power of Attorney

WHAT IF I become unable to pay my bills or make health care decisions?

This is where a Durable Power of Attorney (POA) can be worth its weight in gold. Not having a durable power of attorney or health care power of attorney, could cause unnecessary delays and hardships for your loved ones who are trying to make important decisions for you while you are unable to. There are two types of Power of Attorneys (POA), financial and medical/healthcare. These are important legal documents that EVERYONE should have. What you don’t want is to be unprepared when the unexpected happens. You are never too young or old to get a Financial Power of Attorney or a Health Care Power of Attorney.

A well written Power of Attorney and POA appointing a health care representative can save you and your loved ones innumerable delays that could be devastating. If you become incapacitated, who do you want to make your financial decisions such as paying your bills, your mortgage, able to withdraw money to pay a medical expense, to name a few? Who do you want to make your health care decisions such as what treatment to get, procedures to have or not have, medicines to take, or life prolonging decisions to name a few, if you are unable too? Right now you probably a person or persons in mind that you would want to make those decisions for you. This person(s) should be a trusted family, friend, or loved one, who knows your wishes and desires. Choosing a person(s) should be made in advance as the “What If” could happen at anytime, without notice. These important decisions if not made prior to a “What If” incident, cannot be made after the “What If” happens, it is too late. A Durable Power of Attorney (Durable POA) will allow the person you choose to be your attorney-in-fact or agent. This gives that person(s) the ability to make financial and medical decisions on your behalf. You want to choose someone that you trust, as this is giving them immense authority and power. Do not take this lightly and delay, plan for the “What If” now. No one plans on the “What If” incident/accident, but you can plan on who will make these difficult and important decisions when you are unable to if the “What If” happens. Appointing someone as your attorney-in-fact or agent does NOT mean they can make you do something you do not want to do, nor does it take away your ability to make decisions for yourself. While you have the capacity to make decisions, your decision supersedes theirs, these legal documents merely allow someone else to make decisions if you are unable too.

If you have discussed with someone what you want done or not done, what type of treatment you want or do not want, or what bills must be paid in the event you are unable to do them yourself, then you should have a Durable Power of Attorney in place to allow that person or another loved the ability to legally act on your wishes, whether financially or medically.

Please contact the trusted attorneys at Perry Law Office to help ensure that if the “What If” happens, you are prepared.

Thank you
Perry Law Office, P.C.
260-483-3110
www.perryoffice.net

Posted in Estate Planning, Power of Attorney Tagged with: , , ,

What is a Advance Directive?

Have you ever gone to the hospital for a procedure, even a minor one, and been asked if you have a Living Will, an Advance (Medical) Directive or a Power of Attorney?

If you were unsure or your answer was “maybe” or “I think so”, you probably need to contact an attorney to discuss your estate planning needs. An Advance Directive, Healthcare Directive, Medical Directive, Advance Medical Directives, or a Living Will are all generally described as the same thing. Actually, the term “Advance Directive” means a written document or statement of a person’s wishes regarding medical treatment to ensure those wishes are carried out should the person be unable to communicate with a doctor or medical provider. A Living Will is one of the most common forms of Advance Directives and many people consider Advance Directives and Living Will as one and the same. However, an Advance Directive could also including a Durable Power of Attorney appointing a Health Care Representative (Durable Health Care Power of Attorney). Today we are focusing on the Living Will or Advance Medical Directives.

If you have ever been to a hospital for yourself or a loved one, you may have seen folded pamphlets at check-in that say Advance Medical Directives or Living Will. And in most cases, if you are getting a procedure done you have been asked if you have one of these documents. The reason the hospital, doctor, or medical provider wants you have one as part of your estate plan is quite obvious, they want to know what YOU medically want done in case the worse or unexpected happens. This is a simple but important document that you should have. However, simply having a Living Will or Advance Directive does not fully ensure your wishes will be carried out to their fullest as these are generally limited to life-prolonging procedures. A Living Will tells your doctor and family that if you are near death with no hope of recovery, whether you DO or DO NOT want to receive medical treatment that will prolong the dying process. It will state whether you want to die naturally and NOT be put on a ventilator, receive artificially supplied nutrition and hydration, OR that you DO want to be put on a ventilator and DO want to receive artificially supplied nutrition and hydration, even if the effort to sustain life is futile or excessively burdensome to you.

In a Living Will you have 3 options that you may choose from: (1) Receive artificially supplied nutrition, etc; (2) Do NOT receive artificially supplied nutrition, etc; OR (3) I intentionally leave the decision to my Healthcare Representative (Durable Health Care Power of Attorney).

As I stated above a Living Will or Advance Directive may NOT fully ensure your wishes are carried out. If you are unable to communicate, BUT are not in need of artificially supplied nutrition, who will make your medical decisions for you? A loved one, even a spouse at times are not allowed to make certain decisions on your behalf without a Durable Power of Attorney Appointing a Health Care Representative (Health Care Power of Attorney). This is where a having a Durable Power of Attorney Appointing a Health Care Representative is important and necessary. A properly appointed Health Care Representative (Healthcare Representative) can make these decisions for you including life-prolonging decisions. However, a Living Will is limited to only life-prolonging decisions and does not state what other types of treatments you may want or do not want.

You should contact an experienced attorney to discuss your options before you go have a procedure done, no matter how small.

Call Perry Law Office today to talk to one of our attorneys to discuss what is the best option for you and your family.

Perry Law Office, P.C.
260-483-3110
www.perryoffice.net

Posted in Estate Planning, Living Wills/Advance Directives, Power of Attorney Tagged with: , , , ,

Supplemental Security Income or Social Security Disability Insurance/Disability Insurance Benefits?

What is the difference between Supplemental Security Income and Social Security Disability Insurance/Disability Insurance Benefits? 

Difference between Supplemental Security Income (SSI) under Title XVI of the Social Security Act and Social Security Disability Insurance (SSDI or SSD) otherwise known Disability Insurance Benefits (DIB) or Social Security Disability, under Title II of the Social Security Act. Most people do not know there are two different programs administered by the Social Security Administration (SSA). In fact there are others but these are the two I am going to focus on today. The main difference is that Supplemental Security Income is income based and only available to low-income disabled individuals. If you make too much or have too much money saved in a bank or a retirement plan such as an IRA, 401K, or the like, or you live with you may not be eligible for SSI. Supplemental Security Income also has a cap on your monthly benefits that is substantially lower than Disability Insurance Benefits. Generally SSI is for those who have never worked, including children; who have worked but very little and have not worked enough to qualify for DIB; for those who have worked but a long time ago. Along with meeting one of these, you must be considered low-income pursuant to Social Security Administration.

Disability Insurance Benefits or Social Security Disability Insurance Benefits are available when an individual has earned enough work credits (paid enough into the Social Security fund through your paycheck, which are taken out with your taxes). From each of your pay checks your employer must pay FICA (Federal Insurance Contributions Act) taxes. This is more like paying an insurance premium. Each time you got paid, a portion of your check went to a fund to support Social Security. In return for making such payments, upon becoming disabled you are entitled to various monthly disability benefits. The amount you receive is specifically related to the amount you have put in over the years. If you have worked or have not worked enough you will not be eligible for Disability Insurance Benefits. Another factor to consider is how long you have been out of work, Social Security uses a formula which creates a date where you are no longer eligible for DIB. This is called your date last insured. In order to receive Disability Insurance Benefits you must be found disabled prior to your date last insured.

Beyond these major differences, the actual requirements to be found disabled are the same. The definition of disabled does not change, but the program you are eligible to be found disabled under may based on your work history and financial status.

You can be found disabled and qualify for both Supplemental Security Income and Social Security Disability Insurance. If applying you should apply for both to protect your right to claim either. If you never apply you may lose out on benefits you may otherwise be entitled to.

If you have been denied Supplemental Security Income or Social Security Disability Insurance (Disability Insurance Benefits), you may want to call an attorney to help you receive the benefits you may otherwise be entitled too.

Call Perry Law Office today to speak with an experienced attorney to discuss your options and help you obtain SSI or Disability Insurance Benefits. Remember, once you receive an denial you have a short deadline to appeal.

 

Thank you

Perry Law Office, P.C.
260-483-3110
www.perryoffice.net

Posted in Social Security Disability Tagged with: , , , , ,

Perry Law Office has been named one of the best Estate Planning Lawyers in Fort Wayne by threebestrated.com!

We would like to congratulate our Attorneys and Staff for helping Perry Law Office, P.C. as being named one of the best Estate Planning Lawyers in Fort Wayne by ThreeBestRated.com. Check us out!

We, at Perry Law Office strive to provide the best services and at affordable prices. If you need a Will, Power of Attorney, Health Care Power of Attorney, or Living Will please reach out to us today and let an experienced lawyer at Perry Law Office help you determine what the best estate plan is for you. At Perry Law Office, we understand the importance of customizing your estate plan for your needs. To learn more information please go to our website or call us today 260-483-3110!

 

Thank you

Perry Law Office, P.C.
www.perryoffice.net
260-483-3110

Posted in Estate Planning, Power of Attorney, Wills Tagged with: , , , , ,

Power of Attorney is an essential estate planning tool!

A durable power of attorney is an essential estate planning tool. A durable power of attorney can be utilized for Financial and/or Appointment of a Health Care Representative. A Financial Power of Attorney and a Heath Care Power of Attorney should be part of your estate plan whether you are an individual or a couple.

Why create a power of attorney? Because, if you become disabled and unable to handle your affairs this document can be invaluable. If, you are in an accident and are unable to make decisions or handle your financial affairs or your health care needs, the person designated as your power of attorney can do that for you. A person must be competent in order to create a power of attorney. If you are in an accident or have an illness that renders you  not competent to handle your Affairs you are probably not competent to create a power of attorney at that time. Creating a power of attorney and naming a person as your power of attorney does not mean that person must act for you, it allows them to if the need arises. You can still conduct your own Affairs and handle all of your financial and health care needs while you are competent and able to do so.

What makes a power of attorney such a wonderful estate planning tool is that if it is needed it can be used instead of the need for a guardianship. A guardianship is a procedure where a relative, friend, or other interested  person files a petition  in  the court requesting the court to appoint them guardian of your person and/or estate in order to make decisions for you financially or for your health care. There will generally be a hearing in front of the judge. Guardianship proceedings  can be somewhat costly and will take some time to accomplish. Having a power of attorney in place in case it might be needed is something we recommend for all of our clients.

Financial Durable Power of Attorney and Durable Power of Attorney Appointing a Health Care Representative are very important but sometimes are never used, however if needed they can make it a lot easier and substantially less burdensome for the person who is now tasked with making all your financial and medical decisions. The need for a power of attorney is not usually known until it is too late. To prevent unnecessary hard-ache and additional costs and time, invest in a power of attorney now, making that one less thing that a loved one must deal with at a later time.

We, at Perry Law Office, P.C., feel this is an essential part of any estate plan and will strongly suggest you create both a Financial Durable Power of Attorney and Durable Power of Attorney Appointing a Health Care Representative along with your Will. These estate planning documents working well together and help to fully ensure that your wishes are carried out as you intended. In general Power of Attorneys end at death and a Will does not become effective until death.

Call Perry Law Office to talk to an experienced Estate Planning Attorney for a free telephone consultation to see if a power of attorney is something that is right for you.

Thank you

Perry Law Office, P.C.
260-483-3110
www.perryoffice.net

Posted in Estate Planning, Power of Attorney Tagged with: , , ,