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Publications and Articles Archive » Special Needs Trusts
Hinkle Prior & Fischer Asks You to Take Action Now – Advocacy Effort Backing Direct Support Professionals – Please take action now and let Governor Murphy know how important this issue is to you. Please click on the link below, print out a letter to the Governor, and mail it today.
Achieving a Better Life Experience (ABLE) accounts are now available in New Jersey. This is a positive development, but ABLE accounts are not singular tools for long-term financial and benefits planning for a person with a disability. Due to the various limitation of ABLE accounts, it will typically be much more advantageous for families to create a special needs trust, particularly for inheritances.
The question often arises: “Can I still receive SSI if I work?” The simple answer is yes. But of course, in the world of disability nothing is as simple as it seems. An individual may work, but he or she must understand how working affects SSI benefits.
The ABLE Act creates tax advantaged savings accounts for individuals with disabilities, which in most cases will not jeopardize means tested government benefits such as Medicaid and Supplemental Security Income (SSI). However, there are a number of limitations.
ABLE accounts are similar to 529 accounts for college savings and will have the same tax advantages as 529 savings accounts; except ABLE accounts are designed to create “tax-free” savings accounts for individuals with disabilities. ABLE accounts will be funded with “after-tax” money, but the earnings in the account will not be subject to Federal income tax (although the earnings may be subject to state income tax).
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Hinkle, Prior & Fischer attorneys are available to speak to your organization or constituents on a wide variety of relevant disability topics. 