The Pollan Law Firm
In Atlanta, The Pollan Law Firm offers first-hand guidance in elder care law, Medicaid and special-needs planning.
Call Today (678) 510-1358
Menu / Navigate

Considering friends and family in special needs planning

Most Atlanta parents spend time thinking about their children's futures. However, when parents have a child with a disability or other special needs, they need to carefully consider their children's futures in order to avoid jeopardizing any government programs or aid they may need in the future. For this reason, they ordinarily engage in special needs planning in order to provide for their children into adulthood and after they pass away.

Many people use special needs trusts as part of their planning, and they are an incredibly useful tool. However, when friends and family want to contribute to the future of a special needs child, working with a trust may be a bit too complex. This is where an ABLE account comes into play.

In 2014, Congress passed the Achieving a Better Life Experience Act, which recognizes that parents and adult children who work need a way to save for the future without jeopardizing their access to government programs and aid. An ABLE account fits that requirement and essentially functions like a 529 college plan in that anyone can contribute after-tax dollars to it, the account grows tax-free and any withdrawals for qualifying expenses do not create a taxable event. The account can reach up to around $300,000 before no further contributions can be made to it.

As helpful as an ABLE account can be, some restrictions and limitations do apply. Atlanta parents of a child with special needs would probably find it worthwhile to gain a deeper understanding of how these accounts work, along with the pros and cons. When this type of account is added to other special needs planning, it can give the child, the parents, extended family and friends to all participate in the future of the child.

No Comments

Leave a comment
Comment Information

New Location: 206 11th Street NE Atlanta, Georgia 30309
1801 Peachtree Street NE
Suite 125
Atlanta, GA 30309

Phone: 678-235-9317
Map & Directions

Learn How We Can Help

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Back to Top
Review Us
Avvo - Rate your Lawyer. Get Free Legal Advice.
10.0David Paul Pollan