For the past few weeks, we’ve been talking about ABLE accounts. In this final installment of our three-part series, Attorney Franklin Drazen talks about the importance of developing an overall strategy for funding the living expenses of a person with special needs, and shares links to online resources that will be helpful to any family exploring the possibility of opening these tax-advantaged accounts.
On December 28, 2016, we looked at the challenges faced by people with disabilities, discussed how ABLE accounts address those problems, and explained how ABLE accounts differ from Special Needs Trusts and Pooled Trusts. On January 4, 2017, we explored the mechanics of ABLE accounts including eligibility criteria, contribution limits, allowable expenses, and discussed how to access to state ABLE programs. This week, the focus is on resources and planning.
Resources
Any Google search will generate a long list of websites on the topic. Here’s a short list of some of the best resources available to help you learn more about ABLE accounts.
This video from The ABLE National Resource Center provides a good overview of the program.
Able-Now.com also provides an overview.
The Able National Resource Center offers excellent guidance on what to think about when you’re considering an ABLE account, offering videos on a variety of subjects.
Use this comparison tool to find and compare ABLE programs in the U.S.
The Importance of Planning
I believe that educated people make better choices. It’s important to understand as much as you can about your options.
However, it’s also important to keep the big picture in mind. When it comes to developing a plan to enhance quality of life for a person with special needs, an ABLE account is just one tool in a toolbox that can also include various types of Special Needs Trusts, Pooled Trusts and more. If you don’t know which tool is appropriate for your situation or you choose a tool and use it at the wrong time, you can create problems for yourself, your loved one and your financial future.
That’s why it’s so important to get help. Planning for people with disabilities is a highly-specialized area of law. You’ll get the best guidance from attorneys who do this kind of work every day and understand how all the tools work together. At Drazen Law Group, we help hundreds of families each year plan for the realities of life with disabilities. If you would like assistance assessing all the available options to create a long-term plan for your loved one that will maximize quality of life, financial security and peace of mind, just give us a call at 203.877.7511.
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