Understanding Implications & Stipulations Through A Tax Attorney In Indianapolis, IN

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Individuals who become disabled during adulthood have two options. If they have a previous work history, they could be eligible for social security disability insurance based on the Social Security taxes they have paid. Supplemental security income is offered to disabled individuals who were unable to work and are a part of a low-income family. Any disabled adults who wish to file a claim for these benefits should contact a Social Security Disability Lawyer in Indianapolis, IN to assist them.

Understanding The Stipulations Of Social Security Disability Insurance

Seniors who receive social security disability insurance should plan for their future care while receiving these benefits. While the funds are not taxed, any assets that they own could generate tax implications for their loved ones. A Tax Attorney in Indianapolis, IN can provide them with insight into the value of taxes required by their family when their estate is distributed.

Furthermore, if they have a family history of debilitating illnesses such as Alzheimer’s disease, they should consider an early transfer for their properties to their loved ones. At any time that they may require admission into a nursing facility, all property could be seized for payment.

This requires advance planning. Any transfer of ownership that is less than one year of admission requires that any proceeds be relinquished to the nursing facility as payment. This does apply to seniors who are receiving disability benefits that may cover the cost of residency.

Seniors who wish to file for supplemental security income are limited in the amount of property in which they may own. It is in their best interests to determine which properties are allowed and value limits before applying for benefits. In most cases, SSA allows the senior to own only their primary residence.

The agency requires the senior to sell any other properties listed in their name to generate income that is deducted from their benefits. A Tax Attorney in Indianapolis IN can advise the senior of any tax requirements related to the sale of this property or offer alternative solutions. Among these options are transferring ownership to a family member or an administrator.