by<\/span><\/span> Below\u00a0is a chart comparing an ABLE Account with a Third-Party Special Needs Trust.<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n<\/td>\n ABLE ACCOUNT<\/span><\/b><\/p>\n<\/td>\n THIRD PARTY\u00a0<\/span><\/b>SPECIAL NEEDS Onset of Disability<\/span><\/b><\/p>\n<\/td>\n Qualifying to \u00a0<\/span><\/p>\n<\/td>\n No Age of Beneficiary<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n No No Who May Establish<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n Beneficiary, Anyone Number of Accounts<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n One Unlimited<\/span><\/p>\n<\/td>\n<\/tr>\n Fees<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n Financial Attorney Contribution Limits<\/span><\/b><\/p>\n<\/td>\n $14,000 for SSI total \u00a0<\/span><\/p>\n<\/td>\n Unlimited<\/span><\/p>\n<\/td>\n<\/tr>\n Investment Options<\/span><\/b><\/p>\n<\/td>\n Investment \u00a0<\/span><\/p>\n<\/td>\n No Valid Distributions<\/span><\/b><\/p>\n<\/td>\n Broadly Any \u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n Taxes<\/span><\/b><\/p>\n<\/td>\n Earned Can \u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n Medicaid Payback Upon Death of \u00a0<\/span><\/b><\/p>\n<\/td>\n Remaining for<\/span><\/span> Medicaid benefits. No \u00a0<\/span><\/p>\n <\/p>\n <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" by Thomas D. Begley, Jr., CELA Below\u00a0is a chart comparing an ABLE Account with a Third-Party Special Needs Trust. \u00a0 \u00a0 ABLE ACCOUNT THIRD PARTY\u00a0SPECIAL NEEDS TRUST\u00a0OR\u00a0POOLED TRUST Onset of Disability Qualifying disability exists prior to age 26 \u00a0 No…<\/span><\/p>\n
\nThomas D. Begley, Jr., CELA<\/span><\/p>\n\n\n
\n \n \n \n
\nTRUST\u00a0<\/span><\/b>OR\u00a0<\/span><\/b>POOLED TRUST<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n
\ndisability exists prior <\/span><\/p>\n
\nage 26<\/span><\/p>\n\n
\nrequirement<\/span><\/p>\n<\/td>\n<\/tr>\n\n \n \n
\nrequirement<\/span><\/p>\n<\/td>\n\n
\nrequirement<\/span><\/p>\n<\/td>\n<\/tr>\n\n \n \n
\nparent, guardian, agent<\/span><\/p>\n<\/td>\n\n
\nexcept beneficiary<\/span><\/p>\n<\/td>\n<\/tr>\n\n \n \n
\nper beneficiary<\/span><\/p>\n<\/td>\n\n \n \n \n
\ninstitution fees<\/span><\/p>\n<\/td>\n\n
\nand trustee fees<\/span><\/p>\n<\/td>\n<\/tr>\n\n \n \n
\nper year (federal gift tax limit); total capped at state limit <\/span><\/p>\n
\n529 college savings accounts;<\/span><\/p>\n
\npayments suspended when assets <\/span><\/p>\n
\n$100K<\/span><\/p>\n\n \n \n \n
\nstrategies may be changed twice annually<\/span><\/p>\n\n
\nrestrictions<\/span><\/p>\n<\/td>\n<\/tr>\n\n \n \n
\ndefined \u201cdisability expenses,\u201d including basic living expenses<\/span><\/p>\n<\/td>\n\n
\nexpenses for sole benefit of beneficiary, with certain implications for
\ndistributions for food and\/or shelter<\/span><\/p>\n\n \n \n
\nincome is tax-free<\/span><\/p>\n<\/td>\n\n
\nuse a variety of planning strategies to minimize taxes that may be due.\u00a0 <\/span>Proper drafting and advice will help
\nto minimize tax concerns.<\/span><\/p>\n\n \n
\nBeneficiary<\/span><\/b><\/p>\n\n
\nfunds must reimburse state <\/span><\/p>\n
\n<\/span>This is a huge disadvantage for larger accounts.<\/span><\/p>\n<\/td>\n\n
\npayback<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n