Special Need Law & ABLE Accounts
Our focus is on helping those with special needs, and their families, obtain resources and assets to enhance their quality of life while maintaining eligibility for means-testing public benefits. We help our clients set up Special Needs Trusts, assist in the process to become eligible for ABLE savings accounts, and other personal legal asset protection techniques.
What Is A Special Needs Trust?
A special needs trust (SNT) is a type of trust designed to provide the person with a disability with resources and assets to enhance his or her quality of life while maintaining that person’s eligibility for means-tested public benefits.
What Is An ABLE Account?
The ABLE Act (Achieving a Better Life Experience Act), also known as a 529A plan under the IRS Code, was signed into law on December 19, 2014. The Governor signed Louisiana’s law for creating ABLE Accounts on July 1, 2015. The law allows eligible individuals with disabilities to establish ABLE accounts. Subject to limitations, ABLE savings accounts will not affect eligibility for SSI, Medicaid and other means-tested benefits. Although ABLE Accounts are a welcome addition to the available planning tools, they do not suffice as a substitute for a special needs trust.
How Can I Help You?
- Discuss estate planning
- Setup Special Needs Trust
- Setup ABLE account
- Power of Attorney
- Caregiver contracts
Call us to set up your consultation today and let us help ease your concerns!