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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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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.[1]  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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PLANNING FOR INDIVIDUALS WITH SPECIAL NEEDS PART 1

by Thomas D. Begley, Jr., CELA General According to Annual Disability Statistics Compendium published by the federal government, in 2014 there were 39,674,679 individuals with disabilities living in the community, a prevalence rate of 12.6%. This number is increasing as disabilities, such as Autism and Alzheimer’s Disease, become more prevalent. Non-institutionalized civilians with disabilities age…

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PLANNING FOR INDIVIDUALS WITH SPECIAL NEEDS PART 2

by Thomas D. Begley, Jr., CELA General This is the second part in 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).  This article will focus on when to use a Self-Settled Special…

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