April 1, 2020
In this blog post we examine who qualifies for an ABLE account, as they can be wonderful tools for the trustee. If the beneficiary of a Special Needs Trust becomes disabled prior to the age of 26, the trustee can fund an ABLE account, regardless of the kind of special needs trust.
March 4, 2020
The recent US stock market swings have been front and center in the news recently, as we witnessed The Dow Jones Industrial Average plunge more than 12% in a week.
Special Needs Trust investments are subjected to these market swings, but ideally they are invested in a relatively conservative portfolio. When it comes to investing, special needs trusts are all about the “spend down” and how long the funds will last during the beneficiary’s life time.
March 3, 2020
Using ABLE accounts in conjunction with Special Needs Trusts are an excellent way to effectively increase income to SSI beneficiaries. As long as there is careful monitoring of the account, this is a wonderful tool for special needs trustees and should be part of the overall annual cost analysis.
January 28, 2020
For someone living with disabilities, having a savings account can offer increased independence and autonomy, and enable a person live his or her dreams. Fortunately, the ABLE Act allows those with disabilities to live more freely with enhanced savings resources, without impacting Federal or California State Benefits. Anyone can contribute to these accounts, making them an excellent vehicle for those in their circle of support who wish to contribute, without triggering loss of public benefits. While programs such as Social Security Supplemental Income (SSI) and Medi-Cal place limits on resources, ABLE accounts are held to a much higher ceiling which is currently $100,000.
December 31, 2019
Recently, Bruce and Lee Ann Hitchman attended the New Now Next OCMA Affair 2019 to help raise funds to benefit the Orange County Museum of Arts (OCMA).