Special Needs Planning
Advanced planning for your loved one who has special needs can make a significant difference in their lives. Correct special needs planning can help ensure your loved one will be able to lead their best life. Incorrect and inadequate planning can cause them to lose their eligibility for critical public benefits and government programs.
One such tool that can be used is a special needs trust. People with disabilities are the only group of people who can own more than $2,000 in non-exempt assets, still qualify for public benefits, and also have a trust to supplement care and pay for items which can improve the quality of life. Special needs trusts are also an helpful 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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