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?
Who can contribute to an ABLE Account or a SNT?
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?
What is the difference between a self-settled and a third-party special needs trust?
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?
Why should I establish a 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?
Who is eligible for an ABLE Account?
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?
What is 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?
What should I include in my estate plan once my children are adults?
When your children are grown, it’s wise to expand your estate plan to cover more than just the distribution of assets. Consider adding … [Read more...] about What should I include in my estate plan once my children are adults?
Question: How can you safeguard an inheritance for a child who struggles with spending, addiction, or mental‑health challenges?
Set up a trust with a spendthrift clause and name a trustee you trust. The spendthrift provision blocks most creditors—and even the … [Read more...] about Question: How can you safeguard an inheritance for a child who struggles with spending, addiction, or mental‑health challenges?
How can I protect my children from a previous marriage if I remarry?
If you remarry, you will likely want to provide for both your current spouse and your existing children. A Qualified Terminable Interest … [Read more...] about How can I protect my children from a previous marriage if I remarry?
