Just when you thought you had all your ducks and documents lined up you find out reading this good article at Raymond James that the Social Security Administration (SSA) needs more.
We have been advised to establish powers of attorney, have medical directives in place and have long-term care insurance. The Raymond James article “Protecting Your Social Security Payout” points out “1 in 3 seniors die with dementia”. While you may have established documentation to act on behalf of someone, SSA requires their form, SSA-11, to be completed to identify a special designation known as a representative payee.
The article states “The SSA requires that all legally incompetent adults….have a representative payee to act on their behalf.” Good planning suggests we all consider getting our ducks in a row which includes knowing what to do in the event someone close to you that is receiving social security that needs help with decision making should have a representative payee identified and registered with the SSA.
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