\n

<\/h2>\n

by<\/span><\/span>
\nThomas D. Begley, Jr., CELA<\/span><\/p>\n

Below\u00a0is a chart comparing an ABLE Account with a Third-Party Special Needs Trust.<\/span><\/p>\n

\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n \u00a0<\/span><\/p>\n<\/td>\n	\n ABLE ACCOUNT<\/span><\/b><\/p>\n<\/td>\n	\n THIRD PARTY\u00a0<\/span><\/b>SPECIAL NEEDS \nTRUST\u00a0<\/span><\/b>OR\u00a0<\/span><\/b>POOLED TRUST<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n
\n Onset of Disability<\/span><\/b><\/p>\n<\/td>\n	\n Qualifying \ndisability exists prior \u00a0<\/span>to\u00a0age 26<\/span><\/p>\n \u00a0<\/span><\/p>\n<\/td>\n	\n No\u00a0requirement<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Age of Beneficiary<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n	\n No\u00a0requirement<\/span><\/p>\n<\/td>\n	\n No\u00a0requirement<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Who May Establish<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n	\n Beneficiary,\u00a0parent, guardian, agent<\/span><\/p>\n<\/td>\n	\n Anyone\u00a0except beneficiary<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Number of Accounts<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n	\n One\u00a0per beneficiary<\/span><\/p>\n<\/td>\n	\n Unlimited<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Fees<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n	\n Financial\u00a0institution fees<\/span><\/p>\n<\/td>\n	\n Attorney\u00a0and trustee fees<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Contribution Limits<\/span><\/b><\/p>\n<\/td>\n	\n $14,000 \nper year (federal gift tax limit); total capped at state limit\u00a0<\/span>for \n529 college savings accounts;\u00a0<\/span>SSI \npayments suspended when assets <\/span>total \n$100K<\/span><\/p>\n \u00a0<\/span><\/p>\n<\/td>\n	\n Unlimited<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Investment Options<\/span><\/b><\/p>\n<\/td>\n	\n Investment\u00a0strategies may be changed twice annually<\/span><\/p>\n \u00a0<\/span><\/p>\n<\/td>\n	\n No\u00a0restrictions<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Valid Distributions<\/span><\/b><\/p>\n<\/td>\n	\n Broadly\u00a0defined \u201cdisability expenses,\u201d including basic living expenses<\/span><\/p>\n<\/td>\n	\n Any\u00a0expenses for sole benefit of beneficiary, with certain implications for \ndistributions for food and\/or shelter<\/span><\/p>\n \u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Taxes<\/span><\/b><\/p>\n<\/td>\n	\n Earned\u00a0income is tax-free<\/span><\/p>\n<\/td>\n	\n Can\u00a0use 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 \u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Medicaid Payback Upon Death of \nBeneficiary<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n	\n Remaining\u00a0funds must reimburse state <\/span>for<\/span><\/span> Medicaid benefits.\u00a0This is a huge disadvantage for larger accounts.<\/span><\/p>\n<\/td>\n	\n No\u00a0payback<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Payments for Food or Shelter Reduce SSI<\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n<\/td>\n	No<\/td>\n	\n Yes<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \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 \u00a0to\u00a0age 26 \u00a0 No\u00a0requirement Age…<\/span><\/p>\n Read more ›<\/a><\/div>\n <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"1","sticky":false,"template":"","format":"standard","meta":[],"categories":[301,302,280,283,306],"tags":[1226,5463,5465,5462,618,5464],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/posts\/16101"}],"collection":[{"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/comments?post=16101"}],"version-history":[{"count":0,"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/posts\/16101\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/media?parent=16101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/categories?post=16101"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.seonewswire.net\/wp-json\/wp\/v2\/tags?post=16101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} Deprecated: Directive 'allow_url_include' is deprecated in Unknown on line 0