Tag: cleveland estate planning attorneys

What is an Advancement and How Does it Work?

An advancement is a gift given during life to a future heir with the intent that the gift be treated as part of the heir’s inheritance.  For example, a Mother has a Last Will and Testament stating that $50,000 will go to her daughter and $50,000 will go to her son.  While living, Mother gives a $20,000 advancement to her son.  Upon Mother’s death, the son will receive $30,000 and the daughter will receive $50,000.  As the son received $20,000 of his inheritance during life, he will receive $20,000 less upon his Mother’s death.

An advancement is only effective if it is declared in a contemporaneous… Read the rest

Social Security Survivor Benefits- Do You Qualify?

Survivor Benefits are benefits paid to the surviving spouse, divorced spouse, children or parents of a deceased worker. 

In order to qualify for Social Security Survivor Benefits, you must meet certain criteria.

First, the deceased must have the requisite number of work credits. The number of work credits required varies depending on the year he was born, the year he died or became disabled, and his age at death.  The maximum number of work credits required is 40- the equivalent of 10 years of work.  To find the number of work credits required of a deceased worker, see www.ssa.gov.

Second,… Read the rest