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WHAT ARE ABLE ACCOUNTS AND WHEN ARE THEY USED? The ABLE account (or Achieving a Better Life Experience) program is likened to an Educational IRA with some differences.  An ABLE account can be set up for a Special Needs Individual who has had a disability diagnosis established before the age of 26.[1] Special Needs Individuals who apply for disability benefits have to show that they have resources under $2k and any income that comes to
Revocable Living Trusts Misunderstood I have been, for a while now, one of “those” New Jersey attorneys who likes to recommend Revocable Living Trusts (RLTs) for my clients perhaps more often than a majority of my fellow New Jersey colleagues.  When I first started to practice in the area of trusts & estates, I spoke the same language as many of these attorneys when it came to recommending Wills over Revocable Living Trusts.  They all
Things I learned at Heckerling Two weeks ago, I was fortunate to be able to attend the 52nd Heckerling conference on Estate Planning.  This is a conference where the best & brightest minds in estate planning deliver tips & strategies on the latest planning techniques.  It was even more fortuitous for me, as a first-time attendee, that this year’s conference was all about the new tax code which went through a complete overhaul late last
It’s hard to believe that the holiday season is well behind us and we are into the first week of February!  This post was originally scheduled for a January submission but due to a recent good interruption last week (my attendance at the Heckerling Conference on Estate Planning in Orlando, Florida), there was a slight delay.  Stay tuned for my musings of the conference in the coming weeks.  Thank you! Incapacity Planning We all know that people
We all know about unclaimed property for your personal assets. All of your tangible and intangible items that you may have forgotten about (CDs, bank accounts, life insurance etc.) or haven’t been claimed for a long time, will be deemed abandoned.  Eventually these assets escheat to the state.  Go ahead and check out www.MissingMoney.com right now to see if you have any unclaimed property out there that belongs to you! Interestingly, I found out only