by
Thomas D. Begley, Jr., CELA
Below is a chart comparing an ABLE Account with a Third-Party Special Needs Trust.
|
ABLE ACCOUNT |
THIRD PARTY SPECIAL NEEDS |
Onset of Disability |
Qualifying to
|
No |
Age of Beneficiary
|
No |
No |
Who May Establish
|
Beneficiary, |
Anyone |
Number of Accounts
|
One |
Unlimited |
Fees
|
Financial |
Attorney |
Contribution Limits |
$14,000 for SSI total
|
Unlimited |
Investment Options |
Investment
|
No |
Valid Distributions |
Broadly |
Any
|
Taxes |
Earned |
Can
|
Medicaid Payback Upon Death of
|
Remaining for Medicaid benefits. |
No |