News & Analysis as of September 20, 2024

Medicaid › ABLE Act

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Medicaid is a partnership program between states and the federal government to provide healthcare coverage for lower income individuals, people with disabilities, older people, and certain families with... more +

IRS Issues Final Regulations for ABLE Accounts

Chambliss, Bahner & Stophel, P.C. on 11/9/2020

The Internal Revenue Service (IRS) has issued final regulations covering tax-free savings accounts that allow people with disabilities and their families to save and pay for disability-related expenses without jeopardizing...more

What Happens to an ABLE Account If the Beneficiary Is No Longer Disabled?

Chambliss, Bahner & Stophel, P.C. on 1/20/2020

It is possible that an individual, once diagnosed as a person with special needs, sometime in the future will no longer qualify as “disabled” according to IRS regulations. The individual’s condition might have improved...more

ABLE Savings Registry – The Gift that Keeps on Giving

Flaster Greenberg PC on 4/4/2019

ABLE accounts are special, tax qualified disability savings vehicles for seriously disabled individuals, who had a qualifying disability incurred prior to age 26. As long as the rules of the ABLE program are complied with, a...more

ABLE Account or Special Needs Trust – Which One Is Best?

Chambliss, Bahner & Stophel, P.C. on 3/12/2019

Saving money for a loved one with a disability can be challenging because of the $2,000 resource limit for eligibility for means-tested governmental benefits like Supplemental Security Income (SSI) and Medicaid. In the past,...more

Who Can Set Up the ABLE Account?

Chambliss, Bahner & Stophel, P.C. on 11/13/2018

ABLE accounts, new tax-free saving accounts for people with disabilities, hold great promise for special needs planning. But among the many questions surrounding ABLE plans is who can open accounts? Only the person with a...more

New Jersey ABLE Program Offers a New Savings Option for the Disabled

Flaster Greenberg PC on 6/21/2018

Earlier this month, New Jersey joined the list of states with an ABLE Plan. An ABLE account is a special tax-favored disability savings account designed to help individuals living with a severe disability save and manage...more

The ABLE Act

Cole Schotz on 7/15/2015

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...more

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