Posts Tagged: ‘Social Security’

How Trump Policies Could Affect the Elderly and Disabled

January 19, 2017 Posted by kingcade

President-elect Donald Trump is set to take office tomorrow, January 20th at 12:00 PM. During his presidency, economists anticipate several policy changes that will significantly affect the elderly population, those who are disabled and those with special needs. Here are a few ways those changes might affect you.

Social Security and Medicare

Although President-elect Trump has consistently stated that the Social Security and Medicare programs will remain intact, both face an impending insolvency. As one of their proposals to keep those programs solvent, Trump and Congressman Paul Ryan are promoting an approach that will include some form of Social Security and Medicare privatization.

The Cost of Health Care 

There is a mounting fear among Americans about the cost of health care and long-term care. Restrictions on benefits and legislative changes that restrict or limit access to government programs, such as Medicaid, can only heighten such fears.

Block Grant Proposal 

Medicaid is currently administered at the federal level by the Center for Medicare and Medicaid Services. Each state has its own state Medicaid Plan, however, there are mandates and constraints. The proposed grants would issue each state a certain number of Medicaid dollars and the state would in turn, decide how to use and spend those dollars. In some states, little would change, however in other states the changes could be profound for those who rely heavily on Medicaid.

Trump has also stated that there are a few policies from Obama’s Affordable Care Act that he intends to keep, including:

  • Allowing young adults to remain on parental coverage;
  • Protecting people with pre-existing medical conditions;
  • Closing the Medicare prescription drug coverage gap.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://www.wealthmanagement.com/estate-planning/how-trump-policies-could-affect-elderly-and-those-special-needs 

https://www.yahoo.com/news/pointed-questions-await-trumps-pick-health-secretary-085931872–politics.html 

Social Security Checks Being Garnished for Unpaid Student Loan Debt

December 29, 2016 Posted by kingcade

In an effort to recoup millions of dollars in unpaid student loan debt, the government has resorted to taking money from borrowers’ social security checks.  Since 2001, the government has collected about $1.1 billion from recipients of all ages.  In 2015 alone they collected $171 million. This has left thousands of retired or disabled Americans with below-poverty incomes, according to a recent report from the Government Accountability Office.

As of September 2015, 114,000 Americans who were 50 and older had their Social Security benefits reduced to offset defaulted student loans, according to the report. Since 2002, the figure has increased by 440%.

The report identifies an increasing trend of baby boomers entering retirement with student loan debt. According to the report, approximately 43% of people whose Social Security checks were decreased have held their student loans 20 years or more.

Borrowers who are determined to be permanently and totally disabled are entitled to have their student loan debt forgiven, though many are unaware of the option, according to the Wall Street Journal. Currently, the government’s student-loan portfolio is $1.26 trillion, with an increasing number of people continuing to fall behind on their payments.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://www.wsj.com/articles/social-security-checks-are-being-reduced-for-unpaid-student-debt-1482253337

http://fortune.com/2016/12/20/social-security-checks-garnished/

7 IMPORTANT Items to Check before Filing your Taxes

April 10, 2013 Posted by kingcade

Even if you have hired a “tax pro” to file your tax return this year, it is important that you double or even triple-check your tax return before sending it in. If there are errors on your tax return, you will be held responsible by the IRS. When you sign your tax return, there are words over your signature stating that by signing, you declare to have examined the return and that all facts on the return are true. Therefore, you are responsible for what is on those pages, even if your tax preparer has committed fraud on your behalf; you will be the one to pay for it.

Below are 7 items to mark off your checklist before filing your tax return:

1. Names: Be sure that all names listed on your tax return match those on the Social Security cards. The IRS cross-references all names on tax returns. In some cases, the name on your social security card might actually be wrong or misspelled. If this has happened to you, you still need to match the name you file with to the one on your Social Security card.

2. ID Numbers: Verify any persons’ Social Security number with those on their Social Security cards. It is best not to rely on your memory when filing your tax return, particularly when filling out your spouse or child’s number. You also need to verify taxpayer ID numbers used on any business schedules.

3. Form 1040: If you are filing a 1040, make sure you look over the bottom area of page one. There may be numbers you do not understand or contributions that you know you did not make. Make sure that there is no amount listed under the alimony section unless you make alimony payments.

4. Deductions: If you are over the age of 65 or blind, make sure you have checked those boxes on your tax return. These steps will increase your standard deductions. Also, double-check your medical or business expenses. Some fraudsters use the national averages the IRS publishes each year to make up false amounts on your behalf.

5. Credits: Refundable tax credits are common areas of tax abuse and fraud. This can be done using Child Tax Credits, Earned Income Credits or Education credits. These are credits for which the IRS refunds you, although you have not actually paid any taxes. Some tax preparers make up false information to get refunds, even if you do not have children.

6. Withholding: Make sure this section of your tax return shows the correct amount. A common mistake for tax preparers is to enter the Social Security withheld into this field.

7. Refunds: If you make a mistake on your routing number or account number for a direct deposit, you are out of luck. If someone else gets your refund due to your mistake, the IRS can do nothing to help you. Experts say you should triple check this information before filing.

Click here to read more on the 7 items to mark off your checklist before filing your tax return.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.