Special Needs People May Not Lose Benefits
Jul 7, 2018 | Estate Planning, Special Needs
ABLE accounts can help special needs people receive government support, even if they have money.
Traditionally, it has been difficult for families to leave money to members of the family who have special needs, but ABLE accounts have been created to solve the problem. These special accounts allow people who developed certain disabilities before the age of 26 to save and invest their own money or money that family members give them, according to the Wills, Trusts & Estates Prof Blog in “ABLE Accounts Give Disabled More Financial Freedom.”
ABLE accounts are somewhat flexible. They allow the disabled to have up to $100,000 to use to supplement their benefits and still stay eligible for those benefits. It is not too difficult to get money into the accounts. A 529 educational savings account can be rolled into ABLE accounts. Some states even offer tax credits for putting money in an ABLE account.
One of the drawbacks to ABLE accounts, however, is that they can be tricky to set up properly to qualify under the law.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and may include leaving assets to a child with special needs.
Reference: Wills, Trusts & Estates Prof Blog (June 8, 2018) “ABLE Accounts Give Disabled More Financial Freedom.”
M | T | W | T | F | S | S |
---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | |||
5 | 6 | 7 | 8 | 9 | 10 | 11 |
12 | 13 | 14 | 15 | 16 | 17 | 18 |
19 | 20 | 21 | 22 | 23 | 24 | 25 |
26 | 27 | 28 | 29 | 30 | 31 |
Categories
- 401K
- Accountant
- Aging in Place
- Asset Funding
- Assisted Living
- Baby Boomers
- Bankrupcy
- Beneficiary
- Burial
- Business Owners
- Caregiver
- Charity
- Consumer Protection
- Cremation
- Cryptocurrencies
- Debt
- Dementia
- Digital Accounts
- Disinheritance
- Divorce
- Early Retirement
- Elder Abuse
- Elder Care
- Elder Issues
- Elder Law
- Empty Nest
- Estate Adminitration
- Estate Law
- Estate Litigation
- Estate Plan
- Estate Planning
- Estate Planning Attorney
- Estate Tax
- Executor
- Farm
- Fiduciary
- Financial Elder Abuse
- Financial Planning
- Funerals
- Generation Skipping Transfer Tax
- Gift Tax
- Gifting
- Grandparents Rights
- Guardianship
- Guns
- Health Care Power of Attorney
- Heirs
- Inheritance
- Insurance
- Intestate
- Investments
- IRA
- IRS
- Land Transfer
- Life Estate
- Life Insurance
- Living Will
- Long-Term Care
- Medicare
- Millennials
- No Contest Clause
- Organ Donor
- Pension Payments
- Personal Representative
- Pet Planning
- Power of Attorney
- Probate
- Retirement
- Reverse Mortgage
- Safety
- Snow Birds
- Social Media
- Social Security
- Special Needs
- Succession
- Surviving Spouse
- Taxes
- Transfers on Death
- Trustee
- Trusts
- Widow
- Will
- Younger Spouse