If you are on Medicare, but have high income, the law requires an upward adjustment to your monthly Medicare Part B (medical insurance) and Medicare prescription drug coverage premiums. The "means-tested" increased premiums apply when your income is more than $85,000 for single taxpayers and $170,000 for joint taxpayers. While this only affects 5 percent of people with Medicare, here are a few tips to know about the surcharges, including some ideas to avoid them:

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Special Needs Trusts (SNTs) allow a disabled person to preserve eligibility for public benefits, such as Medicaid, even if they got an inheritance, a personal injury award, or received other funds. However, the law required that this type of trust be established by a parent, grandparent, a guardian or a court, which caused many planning problems. In Dec., '16, the law was amended to allow a mentally capable disabled person to establish his/her own SNT. Read more about this big change by clicking below!

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