The Achieving a Better Life Experience (ABLE) Act allowed accounts to help people with disabilities (and their families) save and pay for disability-related expenses. ABLE allows states to create tax-advantaged savings programs for eligible people with disabilities. Distributions from ABLE accounts are tax-free if used for qualifying disability expenses. Here’s a link to a comparison of various state ABLE plans. ABLE accounts may be used by those who were disabled before age 26. Regulations … [Read more...] about ABLE Accounts Complement Special Needs Trusts
A “Trust Protector,” also sometimes called a “Special co-Trustee,” is not really a trustee but is someone who has special power over the trust. Depending upon the trust, they may have the power to modify the trust for changes in beneficiary circumstances or changes in state or federal law. They may have the power to change the situs of the trust to a different location. Let’s look at an example of how such a person can help. Mary is the beneficiary of a large trust. The assets are to be … [Read more...] about What’s a Trust Protector?