Blog: April 2017

Who Will Administer My Social Security Income if I Become Incapacitated?

April was been designated as “Social Security Month.” To bring awareness to this important income source, we would like to share a client’s story and provide some information about Social Security.

Joanne was in a nursing home, and it seemed as though she would not be able to leave any time soon. Eddy & Schein was called up to aid in the successful effort to bring her home. At that time, Gideon Schein was appointed her agent under power of attorney.

When we onboard a new client, one of our initial activities is to identify sources of income. In doing so, we determined that Joanne was no longer receiving her Social Security checks. When we asked where they were going, the Social Security Administration (SSA) told us they could not speak to us, since we were not her representative payee, nor would they tell us who the representative payee was.

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Do You Have Too Many Credit Cards?

Managing credit card debt can be a challenge for anyone. It is common for Daily Money Managers to find clients dealing with a number of extra credit cards. Unfortunately, with all of the promotional deals and pre-approval offers that come to one’s mailbox, it is very easy to amass a large number of credit cards and the situation can quickly get out of hand.

Recently, Eddy & Schein was called to help a client manage his finances. Frank had 13 different active credit cards, including department store cards with high interest rates. Some were getting paid regularly, others were being left, but most were not being paid in full and were collecting interest.

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