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ABLE Act And Special Needs Planning
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Published on Nov 18, 2015
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MORE DECKS TO EXPLORE
PRESENTATION OUTLINE
1.
THE ABLE ACT
INCORPORATING IT INTO YOUR PLANNING - OR NOT?
Photo by
Maria Teijeiro
2.
ABLE ACCOUNT BASICS
Up to $100,000 in account treated as exempt
Account can be managed by beneficiary
Beneficiary must have been disabled prior to age 25
One account per beneficiary
Similar to 529 accounts
Photo by
shaire productions
3.
HOW IS IT FUNDED?
Anyone can add funds
Can be self funded
Maximum contribution of $14k per year
Photo by
uBookworm
4.
TAX BENEFITS
QUALIFIED DISTRIBUTIONS ARE TAX FREE
Photo by
onkel_wart (thomas lieser)
5.
WHAT CAN IT PAY FOR?
Housing
Education expenses
Transportation expenses
Medical expenses
Personal support services
Photo by
Matthew Fang
6.
WHAT CAN'T IT PAY FOR?
Clothing
Food
Personal travel
Entertainment expenses
Photo by
96dpi
7.
WHAT IF THINGS GO WRONG?
10% penalty
Income tax due
Entire account countable
Photo by
jenny downing
8.
PAYBACK RULES
Photo by
ArtGrafx
9.
WHAT WE DON'T KNOW
WAITING ON REGULATIONS
Photo by
kino-eye
10.
HOW CAN THEY WORK WITH SNTS
Photo by
kevin dooley
11.
PLANNING WITH SNTS
Photo by
macrophile
12.
FIRST PARTY SNTS
SELF-SETTLED OR PAYBACK TRUSTS
Photo by
jimwrenholt
13.
THIRD PARTY SNTS
HOW TO GET MAXIMUM FLEXIBILITY IN YOUR PLAN
Photo by
humblenick
14.
FUNDING
HOW MUCH IS ENOUGH?
Photo by
hetrickwesley
15.
TRUSTEE
WHO CAN TAKE OVER FOR YOU?
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jasoneppink
16.
LETTERS OF INTENT
AN IMPORTANT PART OF ANY PLAN
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96dpi
17.
TUESLEY HALL KONOPA, LLP
WWW.THKLAW.COM
Jennifer VanderVeen
Haiku Deck Pro User
www.thklaw.com
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