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THE INTERPLAY BETWEEN ABLE ACCOUNTS AND SPECIAL NEEDS TRUSTS

by Thomas D. Begley, Jr., Esquire, CELA An ABLE account is an account established for the benefit of an individual with disabilities. While most people point to the fact that the earnings on the ABLE account are tax free as the chief benefit of these accounts, I believe that a much more significant advantage is…

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Lien Resolution In Personal Injury Cases

By Thomas D. Begley, Jr. Esquire, CELA When a personal injury settlement is being finalized, consideration should be given to resolving a number of liens. It is good practice to obtain information on the existence and amount of these liens early in the process, because this information may be helpful in settlement negotiations. The types…

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SETTLEMENT PROTECTION TRUST – WHAT IS IT AND WHEN SHOULD I USE IT?

By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1 Billy, age 6, was injured at birth. He recovers $1,000,000. Billy is not receiving any means-tested public benefits, such as SSI or Medicaid. One option is to place the $1,000,000 in the Probate Court, i.e., the Surrogate’s Office in New Jersey, or the Orphans’ Court…

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Disability Annuity Special Needs Trusts

By Thomas D. Begley, Jr., CELA One of the trusts used in Medicaid Planning is a Disability Annuity Special Needs Trust (“DASNT”). A previous Straight Word article discussed a Disability Annuity Trust (“DAT”). These trusts are designed so that an individual can establish a trust and transfer assets to the trust for the benefit of…

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