ABLE accounts and special needs trusts can accomplish the same goals, but each has its advantages and limitations. The best approach, depending on the beneficiary, may be to use them in tandem.
Recipients with disabilities who rely on government benefits may want to consider putting some or all of the $1,400 relief money into an ABLE account.
More than six million people whose disabilities arose later in life will be able to open ABLE savings accounts if a bill just reintroduced in Congress, the ABLE Age Adjustment Act, becomes law.
Not every potential trustee provides the best services for trusts designed for children with special needs. Here are some questions to ask while searching for the right one for your new trust.
ABLE accounts are proving to be less of a savings vehicle and more of a game-changer that allows beneficiaries of programs like SSI to pay for their own living expenses and achieve an unprecedented level of independence.
The IRS has released final regulations on tax-free savings accounts that allow people with disabilities to pay for disability-related expenses without jeopardizing government benefits.