ABLE accounts are a game-changer for families with special needs, but there has been confusion about how the accounts work. Here are answers to basic questions about what ABLE accounts can and can’t accomplish for the special needs family.
Having power of attorney over a family member is a big responsibility and sometimes it makes sense to share the responsibility. But when two people are named co-agents under a power of attorney, conflicts can arise.
The basic Medicaid rule for nursing home residents is that they must pay all of their income, minus certain deductions, to the nursing home.
Both workers and retirees may need to rethink some of their estate planning in light of a new law that has made major changes to retirement plans, including inherited plans.
Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community.
As 2019 drew to a close, Congress passed a spending bill that includes significant changes to retirement savings accounts. For families with special needs members, these changes will have an impact on estate planning.
Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity as well as achieve many other goals, including tax, long-term care, and asset-protection planning.
If an ABLE account has been set up for a person with special needs, what happens to the account if the beneficiary no longer qualifies as “disabled” according to IRS regulations due to medical improvement or inaccurate diagnosis?
The federal government has released the 2020 federal guidelines for how much money the spouses of Medicaid recipients may keep, as well as related Medicaid figures.
Inheriting property from your parents is either a blessing or a burden — or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through all of your choices.
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