Downs Law Firm, P.C.
If you have a child or grandchild with disabilities, one of your biggest worries is what will happen when you are no longer around to provide aid.
ABLE accounts are a way for people with disabilities to save and spend money, while protecting their access to public benefits.
Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.
It is critical that parents and grandparents give careful thought to any gift of money or bequest in an estate plan, when the recipient has special needs.
New rules let some individuals put away more money in these plans, while still preserving their benefits.
Anyone can contribute to a person’s ABLE account, but there are federally-mandated annual contribution limits. In 2019, the total annual contributions that an ABLE account can receive from all sources is $15,000.
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