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Money Mondays: Are you familiar with ABLE? I wasn't. It's a Federal Tax Act that allows qualified individuals with disabilities to save money in a tax-exempt account that may be used for qualified disability expenses (QDE) while keeping their eligibility for federally-funded, means-tested public benefits. To learn more, check out this resource: https://lnkd.in/g2-363Um

Have you heard the terms “special” needs trust and “supplemental” needs trust and wondered what the difference is? The simple answer is that there’s no difference. Whether supplemental or special, these trusts serve the same purpose of helping meet the needs of individuals with disabilities while still permitting them to qualify for vital public benefits programs. But there are different categories of special needs trusts and important differences between them that warrant a longer explanation. https://lnkd.in/gMGTQ3mY 

Special needs trusts are a crucial tool for ensuring the financial security and well-being of individuals with disabilities. If you're considering setting up a special needs trust or want to learn more about them, here's the number one thing you need to know: Beneficiary's Eligibility: The primary focus of a special needs trust is to provide for the supplemental needs of individuals with disabilities without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). Other things to be aware of include… Preserve Eligibility: Assets held in a properly drafted special needs trust are not considered countable resources for government benefit programs, allowing beneficiaries to maintain eligibility. Supplement, Don't Replace: Funds from the trust can supplement government benefits, covering expenses such as medical care, therapies, education, transportation, and recreational activities not covered by public assistance programs. Trustee's Role: A trusted trustee manages the trust on behalf of the beneficiary, ensuring funds are used appropriately and in accordance with the trust's terms. Selecting a responsible trustee is essential for safeguarding the beneficiary's interests. Legal Expertise: Consult with an experienced attorney specializing in special needs planning to create a trust that meets the unique needs of the beneficiary and complies with state and federal laws governing these trusts. By understanding the eligibility requirements and purpose of special needs trusts, you can make informed decisions to protect the financial future of your loved ones with disabilities. Safeguard what matters most. Contact Houck Menninger Law at (937)985-0059 or visit https://lnkd.in/d4rBUZJH #SpecialNeedsTrust #FinancialSecurity #HMLaw #HouckMenningerLaw #AssetProtection #Trusts

Planning for the future of a loved one with a disability can be challenging, especially when navigating public benefit eligibility. Discover how ABLE accounts and Supplemental Needs Trusts can protect assets and ensure financial security without jeopardizing essential benefits. Learn more in our latest blog. #estateplanning #disabilityplanning #financialsecurity #lawfirm #stlouis

Special needs trusts are a crucial tool for ensuring the financial security and well-being of individuals with disabilities. If you're considering setting up a special needs trust or want to learn more about them, here's the number one thing you need to know: Beneficiary's Eligibility: The primary focus of a special needs trust is to provide for the supplemental needs of individuals with disabilities without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). Other things to be aware of include… Preserve Eligibility: Assets held in a properly drafted special needs trust are not considered countable resources for government benefit programs, allowing beneficiaries to maintain eligibility. Supplement, Don't Replace: Funds from the trust can supplement government benefits, covering expenses such as medical care, therapies, education, transportation, and recreational activities not covered by public assistance programs. Trustee's Role: A trusted trustee manages the trust on behalf of the beneficiary, ensuring funds are used appropriately and in accordance with the trust's terms. Selecting a responsible trustee is essential for safeguarding the beneficiary's interests. Legal Expertise: Consult with an experienced attorney specializing in special needs planning to create a trust that meets the unique needs of the beneficiary and complies with state and federal laws governing these trusts. By understanding the eligibility requirements and purpose of special needs trusts, you can make informed decisions to protect the financial future of your loved ones with disabilities. Safeguard what matters most. Contact Houck Menninger Law at (937)985-0059 or visit https://lnkd.in/dEvEKsAR #SpecialNeedsTrust #FinancialSecurity #HMLaw #HouckMenningerLaw #AssetProtection #Trusts

April is Able to Save Month. The first 200 people who open an eligible MiABLE disability savings account during April will receive up to a $100 match as part of an ongoing campaign to promote the savings and investment program. Established in Michigan in 2015, MiABLE is a disability savings program administered by the Michigan Department of Treasury. It stands for Michigan Achieving a Better Life Experience and was designed to help ease the financial burden challenging people with disabilities and their families. MiABLE accounts help people with disabilities save for current and future expenses without jeopardizing government assistance like Medicaid and Supplemental Security Income. Approximately 500,000 individuals in Michigan are eligible to open MiABLE accounts, but only about 1% of that number are currently enrolled statewide. Becoming a MiABLE account owner is simple. It generally takes about 15 minutes and requires about the same effort and information as opening a bank account. For more information or to open a MiABLE account online, go to https://bit.ly/3U2Ve74. . . . #MiABLE #wills #estateplanning #specialneedstrust #specialneedsplanning #michigandisabilitysavingsprogram #harrislaw #harrislawmi #harrislawpc #harrislawmichigan #harrislawdetroit #harrislawpetoskey #harrislawgaylord #harrislawalpena #harrislawrogerscity #michiganattorney #michiganlawyer #michiganlawfirm #northernmichiganlawyer

Caring for a child with disabilities? Join attorney, Alison Packard, and I on June 26, 2024 as she discusses different types of special needs trusts (first-party, third-party, and pooled trusts) and explain the value of these instruments for individuals with disabilities. We'll also explore the use of ABLE accounts as an alternative to special needs trusts, or as a tool to be used in conjunction with these trusts. #profdev #disabilities #specialneeds #estateplanning

Today is #WorldSavingsDay, which aims to remind people of the importance of saving their money. But people with disabilities often don't have savings accounts, because benefits like SSI and Medicaid have asset restrictions. ABLEnow allows Virginians with disabilities the option to save money without impacting means-tested benefits. Learn more: https://www.ablenow.com

Have you heard about ABLE accounts? ABLE accounts are a game-changer for individuals with disabilities, allowing them to save money for disability-related expenses without jeopardizing eligibility for essential benefits like Medicaid and SSI. ABLE accounts offer tax-advantaged savings and can be used for a variety of expenses, including education, housing, transportation, and more. If you or a loved one could benefit from an ABLE account, contact us today to learn more about how we can help you set one up.  (610) 254-0114 herrpottsandpotts.com #ABLEAccounts #SpecialNeedsPlanning #HerrPottsAndPotts

Looking for more information on #ABLEaccounts? This presentation will provide an overview of the different types of special needs trusts and explain the value of these instruments for individuals with #disabilities. Register: