Blog
April 15, 2020
ABLE Accounts – Tax Advantages for Those Living with Disabilities
The Achieving a Better Life (ABLE) Act of 2014 allows States to establish programs, for eligible individuals with disabilities, and enable them to participate in a tax advantaged savings program. This benefit does not impact the “government means test benefits,” as long as the account within the account is under the allowed maximum.
April 1, 2020
Special Needs Trustees – Should They Always Encourage Beneficiaries to open ABLE Accounts
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
Market Fluctuations and Special Needs Trusts
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
ABLE Accounts Pay Shelter and Food through Special Needs Trusts
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
Achieving a Better Life Experience Using ABLE Accounts
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
Hitchman Fiduciaries Attends Orange County Museum of the Arts Fundraiser
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).
November 29, 2019
Fur Real: True Stories About the Benefits of Emotional Support Animals (ESAs) at Hitchman Fiduciaries
Recently we shared some important information about flying with Emotional Support Animals and thought it would be a great time to share some real life examples from our own Hitchman Team about how valuable Emotional Support Animals (ESAs) are in our lives and the lives of the clients we serve.
October 29, 2019
Flying With an Emotional Support Animal (ESA)? What You Need to Know!
After an American Airlines flight attendant was bitten by an emotional support dog on a flight from Dallas to North Carolina, the U.S. Department of Transportation (DOT) has issued clarifying guidance to airlines on how to handle service animals and the growing issue of emotional support animals.
September 27, 2019
Elder Abuse
At Hitchman Fiduciaries, our top priority is to support you by carrying out you or your loved one’s wishes as accurately and compassionately as possible. We are a team of experienced and licensed fiduciaries dedicated to protecting your interests, reducing confusion and anxiety, and providing support at a very difficult season of life.
August 17, 2019
Long Term Care Planning
Many Americans have a blind spot when it comes to retirement planning and this blind spot is…the real costs of long-term care. Even though the majority of Americans will at some point need long-term care, few are planning for it. At Hitchman Fiduciaries, our goal is to get you started in the right direction.