Planning for Life

SNT vs. ABLE Account: Which Makes More Sense for You

Posted by Harry S. Margolis on October 15, 2019

By Harry S. Margolis

ABLE-accounts-special-needs-trusts-Wellesley-MA

We have prepared a handout to assist beneficiaries of Supplemental Security Income and other public benefits programs to determine whether they're better off using ABLE accounts or special needs trusts, or both.

Both ABLE accounts and SNTs permit the beneficiary to maintain eligibility for public benefits programs will being the beneficiary of funds held in reserve, but both also have their advantages and drawbacks. Here are a few of them:

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Topics: special needs planning, supplemental needs trusts, Special Needs Trust, ABLE Accounts, Attainable Savings Plan, Supplemental Security Income

When to Use an ABLE Account

Posted by Harry S. Margolis on January 29, 2019

By Harry S. Margolis

ABLE-account-special-needs-planning-attorney-Wellesley-MA

ABLE accounts were created by the Achieving a Better Life Experience Act of 2014 as an alternative to special needs trusts and to share the benefits of 529 plans for people who are unlikely to pursue higher education. They only go part way towards those goals but nevertheless can be very useful in providing flexibility around very strict public benefit rules, especially those of the Supplemental Security Income (SSI) program.

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Topics: special needs planning, Special Needs Trust, ABLE Accounts, Attainable Savings Plan

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