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Special Needs Trust Fairness and Medicaid Improvement Act (HR 670) Amended

House of Representatives Bill Amended on September 20, 2016

George H. Gray 0 591 Article rating: No rating
A first party supplemental needs trust allows a person with a disability limited access to resources without affecting his or her means-tested government benefits. It allows a person with a disability who has received, for example, an inheritance, an award of back benefits or a personal injury award to enjoy the bounty of the inheritance or award without jeopardizing the receipt or amount of those benefits. 

Vision for the Future: Legal Elements 002

George H. Gray 0 598 Article rating: No rating
This is the sixth installment in a number of articles which are based upon my book Special Needs Planning: A Simple Guide for Families in New York with a Loved One with a Disability published by Graylake Publishing and released in October, 2014. The book is a response to inquiries from family members and those who support them about how best to provide for a loved one with a disability. While my primary focus is the legal aspects of the process, I have realized in my work that the process for providing a secure future for a loved one is far broader in scope. In this installment, I will further explore the third element of a AVision for the Future.@

Vision for the Future: Legal Elements 001

George H. Gray 0 615 Article rating: No rating
This is the fifth installment in a number of articles which are based upon my book Special Needs Planning: A Simple Guide for Families in New York with a Loved One with a Disability published by Graylake Publishing and released in October, 2014. The book is a response to inquiries from family members and those who support them about how best to provide for a loved one with a disability. While my primary focus is the legal aspects of the process, I have realized in my work that the process for providing a secure future for a loved one is far broader in scope. In this installment and the next two, I will explore the third element of a "Vision for the Future."

Further News on ABLE Accounts

George H. Gray 0 631 Article rating: No rating
Section 529A of the Internal Revenue Code allows the creation of a qualified ABLE program by a State (or agency or instrumentality thereof) under which a separate ABLE account may be established for a disabled individual who is the designated beneficiary and owner of that account. Contributions to an ABLE account are subject to both an annual and a cumulative limit; and, when made by a person other than the designated beneficiary, are treated as non-taxable gifts to the designated beneficiary. Distributions made from an ABLE account for “qualified disability expenses” of the designated beneficiary are not included in the designated beneficiary’s gross income. Most importantly, amounts in the ABLE Account are not considered an available resource for purposes of means tested government benefits, such as SSI and Medicaid.

ABLE Accounts are Closer to Realization in New York

Wendy Emerson 0 586 Article rating: No rating
On June 19, 2015 the Treasury Department issued proposed regulations interpreting and explaining many important provisions affecting ABLE accounts. This is a welcome development as New York begins to establish an ABLE program and practioners begin to plan for their clients and consumers who have a disability. In a related development, the New York State Legislature passed enabling legislation on June 18, 2015 paving the way for an ABLE ACT program to be established in New York. The Legislation has been sent to the Governor for his signature
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