A Letter of Intent, also referred to as a “Memorandum of Intent,” is an optional companion document to a Special Needs Trust. A Letter of … [Read more...] about What is the purpose of a Letter of intent?

You may only have one ABLE account; however, you can be the beneficiary of multiple Special Needs Trusts. … [Read more...] about Can I have multiple ABLE Accounts or Special Needs Trusts?

Contributions to an ABLE Account are limited to the current yearly exclusion limit which, as of 2023, is $17,000 per year. If the … [Read more...] about Are there dollar limits that apply to funding a SNT or ABLE account? 7

Contributions to an ABLE Account are made using post-taxed dollars and are not tax deductible for purposes of federal taxes. Some states, … [Read more...] about How are special needs trusts taxed?

Anyone, including the beneficiary, can contribute to an ABLE Account or a SNT. A beneficiary can contribute income to an ABLE Account … [Read more...] about Who can contribute to an ABLE Account or a SNT?

A first-party, or self-settled, special needs trust is established using assets owned by the person with special needs but must be … [Read more...] about What is the difference between a self-settled and a third-party special needs trust?

Once a child with special needs reaches adulthood, eligibility for important assistance programs such as Medicaid and Supplemental Security … [Read more...] about Why should I establish a special needs trust?

To be eligible for an ABLE Account you must have a disability with an age of onset of disability before you turn 26 years of age. If you … [Read more...] about Who is eligible for an ABLE Account?

An ABLE Account offers a tax-advantaged way to provide financial assistance to an adult with special needs without impacting the … [Read more...] about What is an ABLE Account?