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WHAT IS AN ABLE ACCOUNT AND HOW CAN IT HELP PROTECT YOUR SSI CHECK?

  An ABLE account is a new device available to the disability community that allows a disabled individual to have a limited bank account without risking eligibility for their means-tested public benefits. ABLE accounts can receive $15,000 per year from all sources, and are capped at the maximum account size of a 529 College Savings…

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PERSONAL INJURY SETTLEMENTS AND SPECIAL NEEDS TRUSTS: SETTING CLIENT EXPECTATIONS

by Thomas D. Begley, Jr., Esquire, CELA   If a client receiving a personal injury settlement also receives certain public benefits such as SSI and many forms of Medicaid, a Special Needs Trust is required to preserve those benefits.  Special Needs Trusts entail restrictions and a small minority of clients would rather give up their…

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INCOME TAXATION OF CONFIDENTIALITY AGREEMENTS IN PERSONAL INJURY CASES

by Thomas D. Begley, Jr., CELA Frequently, large personal injury settlements contain confidentiality agreements. Unless these agreements are handled properly, they can result in a significant income tax liability to the plaintiff. As a general rule, recoveries in personal injury actions are excluded from federal income tax under §104 of the Internal Revenue Code. However,…

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PARENTS’ ESTATE PLANNING FOR PERSONAL INJURY VICTIMS

by Thomas D. Begley, Jr., CELA  Personal injury victims frequently receive means-tested public benefits. They often establish Self-Settled Special Needs Trusts (SSSNTs) to hold the personal injury settlement, so that the settlement does not interfere with public benefits eligibility. However, it is important that parents not leave these children with disabilities monies as part of…

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