ABLE Act And Special Needs Planning by Jennifer

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ABLE Act And Special Needs Planning

Published on Nov 18, 2015

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PRESENTATION OUTLINE

THE ABLE ACT

INCORPORATING IT INTO YOUR PLANNING - OR NOT?

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ABLE ACCOUNT BASICS

Up to $100,000 in account treated as exempt
Account can be managed by beneficiary
Beneficiary must have been disabled prior to age 25
One account per beneficiary
Similar to 529 accounts

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HOW IS IT FUNDED?

Anyone can add funds
Can be self funded
Maximum contribution of $14k per year

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TAX BENEFITS

QUALIFIED DISTRIBUTIONS ARE TAX FREE

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WHAT CAN IT PAY FOR?

Housing
Education expenses
Transportation expenses
Medical expenses
Personal support services

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WHAT CAN'T IT PAY FOR?

Clothing
Food
Personal travel
Entertainment expenses

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WHAT IF THINGS GO WRONG?

10% penalty
Income tax due
Entire account countable

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PAYBACK RULES

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WHAT WE DON'T KNOW

WAITING ON REGULATIONS

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HOW CAN THEY WORK WITH SNTS

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PLANNING WITH SNTS

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FIRST PARTY SNTS

SELF-SETTLED OR PAYBACK TRUSTS

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THIRD PARTY SNTS

HOW TO GET MAXIMUM FLEXIBILITY IN YOUR PLAN

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FUNDING

HOW MUCH IS ENOUGH?

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TRUSTEE

WHO CAN TAKE OVER FOR YOU?

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LETTERS OF INTENT

AN IMPORTANT PART OF ANY PLAN

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TUESLEY HALL KONOPA, LLP

Jennifer VanderVeen

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