What estate planners and their clients should know about Social Security
Article Abstract:
Administrative and tax issues concerning Social Security are important to consider when entering into estate plans. Self-employed workers particularly should know how income is taxed and contributions calculated. Early retirement, family, and disability benefits are all important considerations in estate planning. Tax considerations include calculating income tax and determining whether beneficiaries should engage in part-time employment.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1998
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Social security earnings limit increased
Article Abstract:
The earnings limit for some social security beneficiaries was increased in a bill signed by Pres Bill Clinton on March 29, 1996. under the law, beneficiaries aged 65 to 69 can earn as much as $12,500 annually without losing any social security earnings. This limit will be raised $1,000 annually until 1999, and will be increased to $30,000 per year in 2002. The move will cost the government $7.5 billion over seven years.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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New legislation on long-term care and other tax issues affecting the elderly
Article Abstract:
Estate planners may consider tax laws for long-term care and other matters concerning the aged. The 1996 Health Insurance Portability and Accountability Act has provisions favoring long-term care. Other tax laws address medical expense deductions, Social Security benefits and sale of a principal residence. Issues relating to tax return filing include claiming the elderly low income credit.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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