Elder Law and Estate Planning Attorney
ABLE Account Owners Who Work Can Save More Through 2025 If you are an individual with a disability who holds an ABLE account, your annual contributions to this type of account generally must not exceed $17,000 a year, as of Read More …
The maximum amount that can be contributed each year to an ABLE account for a person with disabilities rose $1,000 to $16,000 on January 1, 2022. The figure, which is tied to the inflation-adjusted value of the IRS’s gift tax exclusion, had Read More …
If you have a child with disabilities, it is crucial to set money aside for the child’s future. At the same time, you need to consider your child’s access to public benefit programs such as Medicaid and Supplemental Security Income (SSI), Read More …
Among the costs of caring for a dependent with special needs are the fees for professional advice. Some families are tempted to save on these costs by setting up a plan on their own. This can be attractive because so Read More …
More than six million people whose disabilities arose later in life will be able to open ABLE savings accounts if a bill just reintroduced in Congress, the ABLE Age Adjustment Act, becomes law. In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Read More …
President Biden has signed the $1.9 trillion American Rescue Plan into law. Among its benefits are $1,400 checks that are already landing in the bank accounts or mailboxes of most Americans to help them weather the economic downturn caused by Read More …
One area that particularly vexes trustees of special needs trusts is how to get beneficiaries what they need without running afoul of the strict rules for public benefits like Supplemental Security Income (SSI). Monitoring how money is being spent, collecting Read More …
People not familiar with children with special needs often find it surprising when we explain our areas of expertise are estate planning, long term care planning, elder law and special needs planning. They usually haven’t considered that children with disabilities Read More …
It is possible that an individual, once diagnosed as a person with special needs, sometime in the future will no longer qualify as “disabled” according to IRS regulations. The individual’s condition might have improved through remission or medical treatment, for Read More …
Thanks to recent changes in the tax law, families can now make limited transfers from existing 529 accounts to ABLE accounts with no tax consequences. Families with special needs children may be thinking about rolling existing 529 funds into ABLE Read More …
