Divorce is an unfortunate reality for many couples and can be especially complicated and heartbreaking when children are involved. Parents of children with special needs, however, face additional challenges. While custody and child support issues are typically addressed in divorce proceedings, parents of children with special needs and their divorce attorneys must also consider, among
special needs trust
IRS Eases Administrative Oversight of ABLE Accounts
By Daniel B. Axman & Mary Browning on
As discussed in earlier blog posts, the Achieving a Better Life Experience (ABLE) Act was signed into law in December 2014. Under the ABLE Act, a so-called ABLE account can be established for a disabled individual. The mechanics are very similar to 529 college savings plans. As opposed to saving for college, the ABLE account…
Adults with Special Needs May Soon Be Able to Streamline the Process to Establish First Party Special Needs Trusts on Their Own: A Review of the Special Needs Trust Fairness Act
Posted on
In 1993, Congress enacted Section 1917(d)(4)(A) of the Social Security Act, authorizing the establishment of special needs trusts (also called first-party trusts and self-settled trusts). First-party special needs trusts enable disabled individuals to set aside their funds to pay for supplemental care while enabling those individuals to remain eligible for government benefits. See 42 U.S.C.…
The ABLE Act
By Mary Browning on
Although the Achieving a Better Life Experience Act (or ABLE Act) was signed into law on December 19, 2014, many states have been waiting to offer ABLE accounts authorized by the Act until the IRS published regulations. The IRS just published proposed regulations last week for these ABLE accounts. The New Jersey legislature has proposed…
Fundraising and the Special Needs Trust
By Mary Browning on
Posted in Special Needs Trusts
Clients occasionally come to us because their community would like to raise funds on behalf of their child with special needs. It is important that a proper special needs trust is set up before these gifts are made so that assets are not inadvertently given to the special needs child individually. A friend or family…