FAQ Friday: Change
On Friday, January 10th Paula Mattson-Sarli talks about the changes that come with a New Year.
You should review
Go on to the social security website. You want to create an account or if you already one-login and name a representative payee. This is so if you are incapacitated, your child, spouse or otherwise named agent can change your address or bank account or what is needed to receive these funds on your behalf.
It is also important that your tax preparer knows if you will be signing your taxes or if your agent needs to sign on your behalf. It can also be helpful to have your POA on file with all of your financial institutions and investment firms ahead of time.
This allows for a seamless transition when the time comes. In regard to medical deductions, please ask for the assisted living facility to provide these costs for you so you can account for them on your taxes.
Submit your question
Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.