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In This Issue: 1. Withdrawing Your Early Social Security Benefit 2. Farr Law Firm in the News 3. About The Firm
Withdrawing Your Early Social Security Benefit Did you elect to take Social Security benefits before your full retirement age? If you did and are now looking for extra income, there may be an answer. Once you reach full retirement age, you can pay back the money you have received and reapply for full retirement benefits. Although you can collect Social Security benefits between age 62 and your full retirement age, if you do, your benefits will be lower. For example, if you were born in 1944 and decide to retire and start collecting social security benefits at age 62, four years before your full retirement age of 66, your total benefit reduction is 25 percent. If your full benefit was to be $1,000 a month, your reduced benefit will be $750. A little-known provision of Social Security allows you to withdraw your application for early benefits and reapply for your full benefits. The catch is that you must be able to pay back all the money you received so far. However, because you do not have to pay any interest on the benefits you received, if you can find the money to repay the benefits, it may be worth it. You could think of it as an interest-free loan. If this is something you're interested in exploring, you should contact your financial advisor and/or your CPA to determine if this option might make sense for your specific situation. Return to Top
Farr Law Firm in the News Evan H. Farr Contributes to New Long-Term Care Planning Book and CD FAIRFAX, VIRGINIA Contact: Aron Schulz, Director of Education and Outreach, 703-691-1888 Certified Elder law attorney Evan H. Farr of Fairfax, Virginia, is among the contributors to The CPA's Guide to Long-Term Care Planning, just published by The American Institute of Certified Public Accountants (AICPA) and ElderLawAnswers. The demand and cost for long-term care services are expected to skyrocket in the next two decades. It is estimated that by 2040 the number of Americans 85 and older -- the group most likely to require long-term care -- will more than triple to more than 12 million. Americans desperately need well-informed advisers who can help them understand the multitude of people and services that are involved in finding long-term care, disability care and elder care solutions. The CPA's Guide to Long-Term Care Planning helps accountants and other professionals guide their clients by explaining the basic rules and regulations of governmental programs and other options for paying for long-term care. The book examines Medicare and Medicaid, explaining how each fits into an overall plan to protect clients' assets against the high cost of a catastrophic illness. In addition, the Guide addresses many other issues of concern to the elderly and their families, including long-term care insurance, reverse mortgages, disability planning, nursing home issues and advanced directives. The CPA's Guide to Long-Term Care Planning is accompanied by a CD that features a 30-state roundup of the Medicaid rules and practices prevailing in each state, including the treatment of the house and protections for the spouse. Attorney Evan H. Farr, who is both a Certified Elder Law Attorney and Certified Estate Advisor, drafted the book's section on Virginia. Farr is also the author of the book The Virginia Nursing Home Survival Guide, available through his firm and through Amazon.com. For more on The CPA's Guide to Long-Term Care Planning, click here. Return to Top
About the Firm Evan H. Farr, CELA, CEA, author of The Virginia Nursing Home Survival Guide (available at Amazon.com), has been in private practice in Fairfax since 1987, and is the only attorney in Virginia who is both a Certified Elder Law Attorney and a Certified Estate Advisor.* Since 2007, Evan has been named by Virginia Super Lawyers Magazine as one of the top attorneys in Virginia, and in 2008 Evan was named by Washington, DC Super Lawyers Magazine as one of the top attorneys in DC. The Super Lawyers designation is bestowed upon the top 5% of lawyers in each state as chosen by their peers and through the independent research of Law & Politics. The Farr Law Firm is an Elder Law and Estate Planning firm dedicated to helping protect seniors and their families. In addition to traditional estate planning (Wills, Living Trusts, Financial and Medical Powers of Attorney, etc.) for clients of all ages and administration of trusts and estates, we help our elderly clients with issues involving long-term care. We help clients find, get, and pay for the best possible long-term care; if a nursing home is the only option, we help clients find and get the best possible care while preserving and protecting their assets, including their homes, from the forced liquidation that is typically required in connection with entry into a nursing home. When needed, we complete the complex documents required for entry into a nursing home and for Medicaid. *Certified as an Elder Law Attorney by the National Elder Law Foundation and Certified as an Estate Advisor by the National Association of Financial & Estate Planning. Virginia has no procedure for approving certifying organizations. Return to Top |
