ABLE Accounts and TAXES: What special needs families need to know
#29: ABLE Accounts and TAXES: What special needs families need to know
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In today’s Purposeful Conversation, we’re talking with attorney BRADLEY FRIGON about ABLE Accounts and TAXES and what families need to know.
BRADLEY J. FRIGON, JD, LLM (Tax), CELA, CAP is a Special Needs attorney and has been practicing law for over 35 years. He has extensive experience in all aspects of elder law, estate planning, estate and probate litigation, special needs, guardianship and conservatorships, Medicaid, probate administration and tax matters. He practices law in Colorado, Wyoming, and Kansas.
What you will learn in this podcast:
- How can ABLE Accounts help families with special needs
- Explanation of the new ability to roll over 529 funds to ABLE accounts and is it advisable?
- Account limits and restrictions
- How the newly enacted TAX Act impacts you
- TRAPS families need to be aware of
Why ABLE Accounts are Important?
It’s the first time where individuals that are receiving Medicaid and SSI benefits can actually have a savings account that doesn’t disqualify them for those types of benefits.
[2:59] Restrictions and that fact that not everybody with a disability can set them up.
[4:06] Understanding the new tax act that was recently enacted
Explanation of the new ability to roll over 529 funds to ABLE accounts
[5:58] If you already created a college fund, now what?
[7:27] Can you roll over an ABLE Account and what are the limitations?
Are there any traps or things that families need to know about when using ABLE accounts?
[8:09] The basic things you need to understand the complicated restrictions.
[10:30] ALERT tax-free distribution and penalties
The MOST important thing that families need to understand[11:53- 17:29] Explanation of the payback provisions and notes to be included in Power of Attorney documents or revocable trusts
Links mentioned in the Podcast