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Role of Social Security when planning for your child's future
Michael Beloff, CFP®, ChSNC®, CAP®, ChFC®, RICP®
Founding Partner, Wealth Advisor
Belvedere Wealth Partners - www.belvederewealthpartners.com
Phone: 203-418-4069 | Email: [email protected]
In this interview, Michael and I discuss the role of Social Security when you are planning for the future of a child with disabilities. We start with an overview of Supplemental Security Income (SSI). Michael explains how disability is defined and what tests must be passed to qualify, including a 3-year look back for assets. To make things harder, Social Security has different rules for “earned” and “unearned” income. If you want a calculator to help you figure out how much SSI you or your child may qualify for click on the link below.
https://truenorthdisabilityplanning.com/calculators/2022-ssi-calculator
https://truenorthdisabilityplanning.com/calculators/2022-ssi-calculator
Michael leaves us with these parting thoughts. First, it’s important that your child has less than $2,000 in their name by the time they turn 18. Look for hidden assets, like US Savings Bonds, which their grandparents or other family members may have gotten for them. And second, familiarize yourself with Social Security’s asset and income rules.
Additional Resources:
Council of Parent Attorneys and Advocates (COPAA) - https://www.copaa.org/
Social Security's Program Operations Manual System (POMS) - https://secure.ssa.gov/apps10/
Special Needs Alliance - https://www.specialneedsalliance.org/
Academy of Special Needs Planners - https://specialneedsanswers.com/
MICHAEL BELOFF is a Wealth Advisor with Belvedere Wealth Partners and offers securities and advisory services through LPL Financial, a registered investment advisor. Member FINRA/SIPC Belvedere Wealth Partners and LPL Financial do not offer legal advice or services. Please consult your tax and/or legal advisor regarding your specific situation. Content in this material is for general information only and is not intended to provide specific advice or recommendations for any individual.
You are under no obligation to use the services of any of the entities shown and may choose any qualified professional to provide any of the services described above. These entities and their services are not affiliated with LPL Financial and Belvedere Wealth Partners.
More information about Supplemental Security Income and Social Security Disability Income can be found on the Social Security website at www.SocialSecurity.gov
As an Amazon Associate, I earn commissions from qualifying purchases.
For more information about True North Disability Planning you can find us here:
Web: https://truenorthdisabilityplanning.com/
Blog - https://ejorgensenwordpresscom.wordpress.com
Podcast (ABC's of Disability Planning) - https://anchor.fm/abcs-disability-planning
Waypoints - https://waypoints.substack.com/
Facebook: @TrueNorthDisabilityPlanning
Twitter: @NeedsNavigator
Resource store (free downloads too) - https://www.teacherspayteachers.com/Store/True-North-Disability-Planning
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Send in a voice message: https://podcasters.spotify.com/pod/show/abcs-disability-planning/message
Support this podcast: https://podcasters.spotify.com/pod/show/abcs-disability-planning/support
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By ABCs of Disability Planning
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99 ratings
Michael Beloff, CFP®, ChSNC®, CAP®, ChFC®, RICP®
Founding Partner, Wealth Advisor
Belvedere Wealth Partners - www.belvederewealthpartners.com
Phone: 203-418-4069 | Email: [email protected]
In this interview, Michael and I discuss the role of Social Security when you are planning for the future of a child with disabilities. We start with an overview of Supplemental Security Income (SSI). Michael explains how disability is defined and what tests must be passed to qualify, including a 3-year look back for assets. To make things harder, Social Security has different rules for “earned” and “unearned” income. If you want a calculator to help you figure out how much SSI you or your child may qualify for click on the link below.
https://truenorthdisabilityplanning.com/calculators/2022-ssi-calculator
https://truenorthdisabilityplanning.com/calculators/2022-ssi-calculator
Michael leaves us with these parting thoughts. First, it’s important that your child has less than $2,000 in their name by the time they turn 18. Look for hidden assets, like US Savings Bonds, which their grandparents or other family members may have gotten for them. And second, familiarize yourself with Social Security’s asset and income rules.
Additional Resources:
Council of Parent Attorneys and Advocates (COPAA) - https://www.copaa.org/
Social Security's Program Operations Manual System (POMS) - https://secure.ssa.gov/apps10/
Special Needs Alliance - https://www.specialneedsalliance.org/
Academy of Special Needs Planners - https://specialneedsanswers.com/
MICHAEL BELOFF is a Wealth Advisor with Belvedere Wealth Partners and offers securities and advisory services through LPL Financial, a registered investment advisor. Member FINRA/SIPC Belvedere Wealth Partners and LPL Financial do not offer legal advice or services. Please consult your tax and/or legal advisor regarding your specific situation. Content in this material is for general information only and is not intended to provide specific advice or recommendations for any individual.
You are under no obligation to use the services of any of the entities shown and may choose any qualified professional to provide any of the services described above. These entities and their services are not affiliated with LPL Financial and Belvedere Wealth Partners.
More information about Supplemental Security Income and Social Security Disability Income can be found on the Social Security website at www.SocialSecurity.gov
As an Amazon Associate, I earn commissions from qualifying purchases.
For more information about True North Disability Planning you can find us here:
Web: https://truenorthdisabilityplanning.com/
Blog - https://ejorgensenwordpresscom.wordpress.com
Podcast (ABC's of Disability Planning) - https://anchor.fm/abcs-disability-planning
Waypoints - https://waypoints.substack.com/
Facebook: @TrueNorthDisabilityPlanning
Twitter: @NeedsNavigator
Resource store (free downloads too) - https://www.teacherspayteachers.com/Store/True-North-Disability-Planning
---
Send in a voice message: https://podcasters.spotify.com/pod/show/abcs-disability-planning/message
Support this podcast: https://podcasters.spotify.com/pod/show/abcs-disability-planning/support
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