In response to a recent question from Financial Advisor magazine about the long-term solvency of Social Security, 35 percent of advisors said they think benefits will be means-tested for the wealthy. It's certainly a plausible idea. But how might it happen, and what can you do to prepare clients for it?

Let's start with two facts. First, any proposed changes to Social Security will be difficult and controversial. With so many boomers now getting benefits, the engaged, entitled audience is huge. Second, there is no simple way for the U.S. government to measure assets owned by households or individuals. Even if it could, there are too many "asset titling strategies" for such a measure to be fair.

However, the government is already means-testing Medicare Part B and D premiums based on reported income – although it prefers the term "income-relating."