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PLANNING FOR INDIVIDUALS WITH SPECIAL NEEDS PART 3

by Thomas D. Begley, Jr., CELA General This is the third part of a five-part series dealing with planning for individuals with special needs.  Part 1 discussed the reasons to establish a trust and some of the requirements for a Special Needs Trust (SNT).  Part 2 discussed Self-Settled Special Needs Trusts (SSSNTs).  This article will…

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ADVANTAGES AND DISADVANTAGES OF ABLE ACCOUNTS

by Thomas D. Begley, Jr., Esquire, CELA Congress enacted and the President has signed legislation known as the Achieving a Better Life Experience (ABLE) Act of 2014.387 The Act is modeled on 529 Plans and will provide tax-favored accounts for individuals with disabilities to pay for qualified expenses. Before these accounts can be implemented, two…

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USING SELF-SETTLED SPECIAL NEEDS TRUSTS TO PROTECT PUBLIC BENEFITS

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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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 expenses.…

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