In New Jersey, many residents rely on government benefits for financial assistance. However, in order to qualify for government benefits, there is an income and asset limit. Utilizing a special needs trust may allow a person to qualify for government benefits without leaving them impoverished. A special needs trust may be executed by a person prior to becoming disabled, or by a qualifying family member on a person’s behalf after they have become disabled or otherwise qualified for government benefits. Utilizing a special needs trust may allow a person to qualify for government benefits without leaving them impoverished. A special needs trust may be executed by a person prior to becoming disabled, or by a qualifying family member on a person’s behalf after they have become disabled or otherwise qualified for government benefits. Continue reading “Options to Qualify For Government Benefits Without Leaving Yourself Impoverished”
Tag: ABLE Act
ABLE Act
On December 19, 2014, the President signed into law the Achieving a Better Life (ABLE) Act of 2014, which allows for disabled persons to have limited savings accounts, without jeopardizing any governmental benefits received by that disabled person. The Treasury is to create regulations with respect to ABLE act accounts. The ABLE account is intended to be similar to a 529 Plan. There is a limit on what can be contributed to the account, but the disabled person would have the ability to withdraw monies from the account to meet his or her needs on an on-going basis.
