COVID-19 Information for Trust Beneficiaries and Their Families

Slam the Scam!

During this very sensitive time in our society, there have been a lot of reported scams from third parties. To help everyone become aware of this serious issue, the Social Security Administration hosted a Facebook Live event with Inspector General Ennis and Monica Vaca, Associate Director for the Division of Consumer Response and Operations at the Federal Trade Commission. They talked about National “Slam the Scam” Day and how we fight Social Security phone scams. Please watch this very important video at www.facebook.com/SocialSecurity/videos/530450680932425/

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Impact of Unemployment Insurance & Stimulus Checks on Public Benefits

Please read these helpful flyers, flyer 1, flyer 2, flyer 3, and flyer 4, regarding the impact of unemployment insurance (UI) and stimulus check on means-tested public benefits. If you receive SSI, SSDI, Medicaid, Medicaid Waiver, Medicare, Housing Grants, and/or other public benefits, it is important to understand how receiving new sources of income during the outbreak of COVID-19 can impact those benefits. If you have additional questions, please contact Marilyn Morrison at 703-989-7960, or mmorrison@vaaccses.org. Ms. Morrison recently recorded a webinar speaking about the impact of unemployment insurance on public benefits. Please watch the webinar recording on YouTube here and read the PowerPoint slides here.

Important Disclaimer: please note that the information provided in Ms. Morrison’s presentation is rapidly changing, so information may need to be updated as we receive instructions from various resources.

 

Economic Impact Payment/Stimulus Check

Here is what you need to know about your Economic Impact Payment (aka Stimulus Check). For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. Please check out the IRS website: https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Additionally, the IRS launched a helpful online tool to assist non-filers to receive economic impact payments: https://home.treasury.gov/news/press-releases/sm971

If you receive means-tested government benefits, such as SSI and/or Medicaid, you have 12 months to spend the money received from the stimulus check.  After 12 months, the funds will be counted as a resource to you.  If you wish to save the money from the stimulus check for the future and not use it within 12 months, the stimulus check can be deposited into a Self-Funded Special Needs Trust or an ABLE account and not jeopardize your benefits.

 

COVID-19 and Investments

We understand many people have concerns about the global outbreak of COVID-19 and its impact on the market and investments. Key Bank has kindly prepared some information flyers to help you better understand the situation. Please download those flyers below.

 

Market Investment Updates – May 20, 2020

Is It Safe to Reopen the Economy? – April 27, 2020

Key Bank Investment Perspectives – March 2020

How Should Investors Navigate Volatile Markets? March 9, 2020

Market Update – Coronavirus – February 28, 2020

Has the Coronavirus Reached American Shores? – February 24, 2020

 

 

It is clear that the COVID-19 outbreak has caused global growth to suffer and for worldwide equity markets to fall dramatically in recent days.  Please watch recorded presentations with Key Bank investment experts as they review the economic and market impacts of the coronavirus and their current investment approach.

 

Recording 1: March 2, 2020

https://keybankevents.webex.com/recordingservice/sites/keybankevents/recording/play/be71a48775a94df496fb6cbb2815c2dd

Recording 2: March 17, 2020

https://keybankevents.webex.com/recordingservice/sites/keybankevents/recording/play/0b64639a1fa2444f8984c1180ae7a38e

Recording 3: March 31, 2020

https://keyevents.webex.com/recordingservice/sites/keyevents/recording/play/93b61e8730ee412f996f65fa910df352

Recording 4: April 7, 2020

https://keyevents.webex.com/recordingservice/sites/keyevents/recording/play/da2228ec0afa4736ab051bfdb7ed8cb3

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Resources for Families During Quarantine