This article discusses the impact that ABLE accounts can have on estate planning for people with disabilities. It is very important that clients understand how a special needs trust will effect a person’s access to Medicare or Medicaid benefits. The Achieving a Better Life Experience (ABLE) Act was signed into Federal law on December, 19, 2014, to make it easier for people with disabilities to save money without risking their Medicare, Medicaid, or Social Security benefits. Currently each state must pass legislation that create a vehicle for ABLE accounts to be set up and administered. Clients considering an ABLE account should consult with a competent estate planning attorney and should also review the policies of their state.
See Holly Nicholson, Money Matters: Is an ABLE Act account right for you?, The News & Observer, September 26, 2015.
