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THE INTERPLAY BETWEEN SPECIAL NEEDS TRUSTS AND ABLE ACCOUNTS IN PERSONAL INJURY CASES

by Thomas D. Begley, Jr., Esquire, CELA   Personal injury plaintiffs who suffer from disabilities and are required to establish Self-Settled Special Needs Trusts in order to maintain their public benefits should consider establishing an ABLE account at the same time. While most people consider the tax-free income of an ABLE account to be a…

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Vacation Area Homes: Tax and Management Issues

By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1: VACATION HOME—NO ESTATE PLAN  Harry and Sally own a vacation home on a barrier island. They purchased the home many years ago for $50,000, and it is now worth $1 million. Harry and Sally have two children and five grandchildren. The children visit the vacation…

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THE TWO TRUSTS SOLUTION FOR SAVING THE HOUSE IN A BIRTH INJURY CASE

by Thomas D. Begley, Jr., Esquire, CELA Many birth injury cases result in significant recoveries for the plaintiff(s).  As in most personal injury cases, the family usually has three wishes:  a house, a car and a trip to Disney World.  Frequently, the family is of modest means and the injured parties receiving means-tested public benefits…

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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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