Social Security catches a lot of flak, and several of its benefits are overlooked.
So the government is not known for its efficiency.
Want to know something neat?
Social Security has some services in place to be a little more helpful, according to the AARP article titled “Discover Little-Known Social Security Benefits.”
What are some of these benefits?
Disability approval shortlist
Because of complaints regarding the length of time for processing disability applications, the Social Security agency created the Compassionate Allowances List.
What is this?
Anyone suffering from any of the 225 medical conditions listed is quickly granted disability status.
What are some of these conditions?
- Rare diseases
- Traumatic brain injury
- Early onset Alzheimer’s
- Cardiovascular disease
- Multiple organ donations
- Autoimmune diseases
How fast can disability approval be expected?
Money management help
If you or a loved one are poor at managing finances, the Representative Payee Program can help.
By pairing people in need of financial management help with those able and willing.
Often the first choice would be a capable family member or friend; however, this may not be an option.
For those without capable friend or family member, the Social Security Administration would then locate a "representative payee" through local social service agencies.
What does a representative payee do?
The individual would control the Social Security benefits of the individual and manage his or her finances.
To provide accountability, the representative payee must keep and submit records and reports to the Social Security Administration.
As exciting as these programs are, however, nothing beats the private sector for efficiency and customization.
Make sure you have an up-to-date general durable power of attorney and evaluate whether a revocable living trust is appropriate for your unique circumstances.
To learn more about your financial options, contact an experienced estate planning attorney.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: AARP (August 2016) “Discover Little-Known Social Security Benefits”