Taxation & Estate Planning

Thanks to Patti Dudeck, for her post about Social Security recipients needing to file their 2007 Tax Returns before they will be able to receive their economic stimulus check.

The AARP has a page with answers to questions about the stimulus checks, and who is eligible.  They also have information about how to obtain tax filing help for low income seniors. 

And, note that the funds from the payment will not affect eligibility for needs-based benefits programs, as explained on the AARP page:

Will the stimulus payment affect eligibility for needs-based benefits programs? No. Receiving a payment under the stimulus package does not have any effect on eligibility for or amount of needs-based benefits programs (i.e. Food Stamps). Specifically, the payment does not count as income in the month it is received and does not count as a resource (asset) for 60 days after the month in which it was received.

Keep in mind that it will count as an asset after 60 days after the month in which it was received.  If your public benefits depend on your assets being below a certain limit, always keep an eye on your balance.