Special Needs Trust Fairness Act

13003704_mSpecial needs trusts are commonly used to protect assets of disabled persons who are under age 65 and seeking or trying to maintain eligibility for Medicaid and/or Supplemental Security Income.  However, for years the law required these trusts to be created by a court, guardian or conservator, or parent or grandparent of the disabled person.  On December 13, 2016, the President signed the Special Needs Trust Fairness Act which will now permit disabled persons who are competent to create their own special needs trusts.  [Read more…]

Children With Special Needs

 

13003704 - mother with disabled son walking outdoors with walker, medical mobility equipment

Having a disabled child often brings unique challenges particularly when the caregivers – who are often the child’s parents – can no longer care for their child due to death or disability.  Careful planning can make all the difference in the life of the child as well as their siblings who often are left with the responsibility of caring for their disabled brother or sister.  Any planning should consider: [Read more…]

MiABLE Accounts – Help for the Disabled Arrives on 11/1/16

 

 

13003704 - mother with disabled son walking outdoors with walker, medical mobility equipment

In a prior blog, it was explained how the Achieving a Better Life (ABLE) was created to allow saving for people with disabilities without disqualifying a beneficiary from government benefits.  The Michigan Achieving a Better Life (MiABLE) permits funds in an ABLE account to be used for “qualified disability expenses”.  Contributions to a MiABLE account are deductible (up to $10,000 for a joint tax return), the assets grow tax free (similar to a 529 account) and total contributions cannot exceed $14,000 per year. [Read more…]