Special needs trusts are often established for the benefit of individuals who are disabled since the assets held in the trust are not countable (if properly drafted) for means-tested Medicaid and Supplemental Security Income programs (which often include drugs and care costs). The goal is...
It is very common for a family member to be named to serve as a trustee of a special needs trust of a loved one with special needs (usually to save money), but the recent felony charges for financial exploitation against a Minnesota mother who...
The IRS has issued final regulations for Able accounts, a tax-advantaged savings account for those determined to be disabled before age 26, pursuant to the Achieving a Better Life Experience (Able) Act that was passed six years ago. Funds deposited into Able accounts do not risk...
On December 13, 2016, President Obama signed the 21st Century Cures Act which contains the Special Needs Trust Fairness Act that allows disabled persons with mental capacity to create their own special needs trust. Prior to the passage of this law, a disabled person under...
The U.S. House Energy and Commerce Committee approved the Special Needs Fairness Act on July 13, 2016, as part of a package to improve Medicaid. The House bill had 26 co-sponsors including local Representative Pete Sessions. This legislation, which has already passed the Senate Committee,...
A bill has been proposed to the Texas legislature to implement the Achieving a Better Life Experience Act (ABLE) which allows adults and children with disabilities whose disability occurred before age 26 to shelter up to the annual exclusion (presently $14,000 per year) into an...
To Stretch or Not? According to a U.S. Census report, around 13 percent of our U.S. population who are not in an institution are disabled. It is anticipated with an aging population that over 50 million Americans are disabled. As a result, many plan for those...
Although the Special Needs Trust Fairness Act did not pass in the last federal legislative session, it has been introduced again to overcome the present legal presumption that all disabled persons lack sufficient mental capacity to handle their own assets. As a result of a law...
