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. Special Needs Individuals who apply for disability benefits have to show that they have resources under $2k and any income that comes to them which puts them over that limit even by a dollar, could potentially trigger an ineligibility the following month. Up to now, such individuals and their families could only set up First or Third Party Special Needs Trusts to hold any excess funds.
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 said: “NJ is a probate friendly state; there is really no need to set up living trusts here. And those attorneys who are “churning” these trusts out like mills are only doing it to make a fast buck!” And
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 year. This new law informally referred to as the Tax Cuts and Jobs Act of 2017 is also officially known as: “H.R. 1 – An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution
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! We all know that people download Wills off of Legal Zoom thinking that “some” plan in place is better than none at all; rather than incur the expense of engaging an attorney, their thought is to come up with a quick solution
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 recently that businesses can also have abandoned property for which they are required to file an annual report identifying items of unclaimed property. This is due by October 31st each year whether or not