Special Needs Planning
Special needs trusts dramatically improve the quality of life for people living with permanent disabilities. People with disabilities are the only group of people who can own more than $2,000 in non-exempt assets and still qualify for public benefits, provided they create a special needs trust. The benefit to having a special needs trust is that you can qualify for public benefits and still have a trust set aside to supplement your care and pay for all of those things which will improve the quality of your life. Special needs trusts are also a great option for someone who wants to leave an inheritance to a loved one who already qualifies for public benefits and who does not want to interfere with those benefits.
ABLE ACT of 2014
The Achieving a Better Life Experience Act (ABLE ACT) of 2014, became effective on January 1, 2015, is a type of savings option for people who have a disability and their loved ones. Modeled after college savings accounts, the ABLE ACT was passed as part of the Tax Increase Prevention Act of 2014.
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