Special Needs Trusts and the ABLE Act
Brittany J. Camp, Esq, will give an overview of Primary Public Benefits Available to Disabled Individuals including Medicaid (Medical Assistance), SSI (Supplemental Security Income), other Social Security benefits and Medicare. Different types of Special Needs Trusts will be explained; Self-Funded (“payback”) Trusts, Third-Party Funded Trusts, and Pooled Special Needs Trusts, including administrative considerations and day-to-day operation of these Trusts.
The presentation will include an overview of the “Achieving a Better Life Experience” (ABLE) Act of 2014 and Establishment of State Programs. The “Basics” of the Act will be explained including tax treatment, beneficiary eligibility, requirements and mechanics of establishing an account, contributing to an account, Medicaid and Social Security treatment of ABLE account assets and account distributions and qualified disability expenses. Also covered will be the impact of the Tax Cuts and Jobs Act of 2017 which affected the annual contribution limit and affected rollovers from 529 college savings accounts and the saver’s credit.
The advantages and disadvantages of Special Needs Trusts vs. ABLE Accounts will be discussed.
Our thanks to Foulkeways for being the sponsor of this program. Materials regarding their services will be made available at the meeting.