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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 2014.387 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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USING SELF-SETTLED SPECIAL NEEDS TRUSTS TO PROTECT PUBLIC BENEFITS

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…

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FUNDING SPECIAL NEEDS TRUSTS

by Thomas D. Begley, Jr., CELA Overview Estate planning attorneys are regularly called upon to draft trusts for their clients’ children with disabilities. Typically, these children are determined to be disabled by the Social Security Administration and are receiving SSI, Medicaid, or other means-tested public benefits. The goal of the parent in establishing the trust…

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DIVORCE AND PUBLIC BENEFITS

by Thomas D. Begley, Jr., CELA Many divorces involve families in which a spouse or child has disabilities. Family law attorneys should always ask if this is the situation. In many instances, the individuals with disabilities are receiving public benefits and many other that may be eligible for benefits but are not aware of their…

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