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Understanding the New ABLE Act

Recorded: January 14, 2015
Duration: 92 minutes
By Stephen Dale, Esq., LLM, The Dale Law Firm PC

After many years, the Achieving a Better Life Experience Act (ABLE Act) was passed by Congress in December. The Act, among other things, allows creation and funding of tax-favored accounts for adults and children who were declared disabled prior to age 26. But how will this really impact the planning we do for disabled individuals?

Join nationally-recognized special needs planning attorney Stephen Dale for an in-depth look at the ABLE Act, how the new provisions compare to planning with self-settled special needs trusts, and what practitioners should be doing to educate their clients and referral sources about this new opportunity.

Topics include:

  1. The Achieving a Better Life (ABLE) Act of 2014
  2. Overview of the ABLE Act
  3. Medicaid Payback
  4. A Closer Look
  5. What Can Be Contributed
  6. Qualified Disability Expenses
  7. Separate Accounting Required
  8. Limited Investment Direction
  9. Tax Free Growth and Penalties
  10. Must be Opened in State Beneficiary Resides
  11. Who Qualifies?
  12. ABLE and SSI Eligibility
  13. ABLE and Medicaid Eligibility
  14. ABLE Accounts and Special Needs Trusts
  15. A Primer of Special Needs Trusts
  16. Third Party or Estate Planning SNT
  17. Individual Self Settled Medicaid Payback Trust
  18. Pooled SNTs – Medicaid Payback Required
  19. Payback and Medicaid Liens
  20. ABLE Act and Gift Taxes
  21. Income taxes – ABLE vs. SNT
  22. Case Studies
  23. 2011 Annual Report of the SSI Program
  24. In Conclusion
  25. Issues Related to Implementation
  26. Marketing in Your Community
  27. Working with the Disability Advocacy Community
  28. Tax Planning and the ABLE Act
  29. Questions

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