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Understanding Estate Planning – Begley Report

By Thomas D. Begley, Jr. WHAT IS ESTATE PLANNING? Estate planning is the process by which an individual defines his or her goals for passing assets to beneficiaries and chooses appropriate tools and strategies for achieving those goals.  The process begins with a careful analysis of one’s situation, objectives, and potential tax liability. Only after…

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USING SELF-SETTLED SPECIAL NEEDS TRUSTS TO PROTECT PUBLIC BENEFITS – Begley Report

Many public benefits available to persons with disabilities, such as Supplemental Security Income (SSI) and Medicaid, place limits on income and certain types of assets.  Exceeding such limits can lead individuals to lose some or all of their benefits.  Individuals receiving SSI are limited to $2,000 of assets.  For many individuals, their Medicaid is linked…

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WHEN IS A SPECIAL NEEDS TRUST REQUIRED IN A MATRIMONIAL ACTION?

by Thomas D. Begley, Jr., Esquire, CELA            Studies show that having a child with a disability dramatically increases the likelihood that the parents will divorce.  The divorce rate for this cohort is as high as 86%.  When either a spouse or a child is disabled and is receiving public benefits, a Special Needs Trust…

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10 THINGS YOU NEED TO KNOW ABOUT ABLE ACCOUNTS

by Thomas D. Begley, Jr., Esquire, CELA   On December 16, 2014, Congress enacted and sent to the President for signature an Act known as Achieving a Better Life Experience (ABLE) Act of 2014.[1]  This Act is to provide a tax-favored account, similar to a 529 Plan, for individuals with disabilities to pay for qualified…

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