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.
Archive for the tag 'Medicaid'
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.
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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. 