WHAT HAPPENS WHEN MY SPECIAL NEEDS CHILD TURNS 18?
by Thomas D. Begley, Jr., Esquire, CELA When a child becomes 18 years old, he or she becomes an adult. Prior to that time, the child is a minor and his or her parent is also the natural guardian and had the authority to make decisions for that child. What should a parent be thinking…
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…
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…
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…