My Civil Advocate

We often hear a lot of confusion regarding the terms "will" and "trust", with some folks even thinking that they are one and the same, which is definitely not the case. Though both are key elements of estate planning, they serve distinct roles. A will only goes into effect after the will's creator  - also known as the testator - has passed away. The person then responsible for carrying out the desires of the testator and distributing assets to the beneficiaries is referred to as an executor. Executors are in charge of wills, not trusts. So, whats a trust? A trust is a legal arrangement under which one person or institution, called a trustee, holds legal title to property that will eventually be distributed to beneficiaries. Unlike a will, a trust can be "active" the moment it is created. It may be used to distribute property to beneficiaries prior to the death of the trust's creator (settlor), upon the death of the settlor, or delayed well afte...

You have excellent credit, but you've racked up some substantial medical bills. Is filing for bankruptcy a viable option? Your good credit will definitely take a hit if bankruptcy is filed. On the flip side, if unpaid medical bills prompt a flurry of late-payment notices, and eventually the medical provider hands you over to collections or wins a court judgment against you, that doesn't bode well for your credit rating either. Filing for bankruptcy is a tool to help you regain your financial footing, but it should be a last resort. Explore other options first. For instance, make sure all your available insurance coverage has been utilized. In addition, if your bill (or a chunk of it) was for uninsured medical costs, your medical provider may offer a significant discount. Depending on your income, you may qualify for the Disproportionate Share Hospital (DSH) program, which affords you free or reduced-cost hospital care for medically necessary services. If filing for bank...

If you have applied for Social Security Disability (SSD) benefits, be forewarned that roughly 65 percent of applicants are denied initially. Here are some key reasons why: The limit for monthly work income for a disabled person is currently $1,090 ($1,820 if you are blind). If you exceed this limit, you're not eligible.  Your impairment must cause severe limitation to your ability to work and be expected to last at least 12 months or result in your death.  The Social Security Administration (SSA) must be able to contact you regarding your application over the matters. Make sure you are accessible  If you fail to release your medical records, or the SSA asks you to undergo a "consultative examination" conducted by an SSA doctor - e.g., you don't have a regular physician or your medical records may be incomplete - and you refuse, your application will be dismissed. Failing to carry out prescribed therapies ordered by your doctor can cost you, although there are a...

The Social Security Disability Insurance (SSDI) program provides insurance to millions of American workers and their families. IT is an important part of our nation's Social Security system. Established nearly 60 years ago, workers and their families are provided insurance in retirement and in the event of a serious long-term disability. The 11 million Americans currently benefiting form SSDI could face an abrupt reduction of 19% in benefits if lawmakers cannot address a long-projected shortfall in the program's finances. How the Program Works SSDI is an insurance program that workers pay for while they are employed. If the employee is unable to maintain employment because of a severe disability, SSDI replaces part of the lost income. Beneficiaries earn coverage under the Social Security system through employment and paying into the system. Most people receiving SSDI earned middle-class wages before becoming disabled, and beneficiaries usually have paid into Social Securi...