The Achieving a Better Life Experience Act of 2014 (the “ABLE Act”) was recently signed into law, allowing states to create programs that will permit accounts to be set up on behalf of eligible individuals with special needs. These accounts can accumulate funds to be used for qualified disability expenses without affecting eligibility for Medicaid and Supplemental Security Income (SSI).
At an upcoming JCC seminar, Jeffrey R. Silverman, JD, CFP, a SpecialCare planner at the Center for Wealth Preservation in Syosset will explain what parents need to know about the act in planning for their children with special needs.
This program will provide the necessary information to learn how an ABLE Act account may assist with planning and how it can resolve many of the asset issues that determine eligibility for Medicaid and SSI benefits. Topics and questions that will be covered in the program include the following:
Why should I consider opening an ABLE account?
Who can open the account?
How much can I deposit into the account?
What are the tax advantages?
Do I still need to set up a special-needs trust if I have an ABLE account?
What if I already have a special-needs trust?
Who is eligible to be the beneficiary of an ABLE account?
What can I use the funds in the account for?
What are qualified disability expenses?
Do I need to consider other planning if I open an ABLE account?
The seminar is scheduled for Wednesday, February 25, 7:00—8:30 p.m. at the JCC of the Five Towns, 207 Grove Avenue in Cedarhurst. Seating is limited. To reserve a seat, please contact Gayle Fremed at 516-569-6733, ext. 211, by February 22.