Year End Special Needs Planning

10/09/2018

By Kristin W. Shirahama

Thanks to the new tax law, there’s a more robust toolbox available to people looking to provide financial support to disabled family members.

To qualify for federal assistance programs, people with disabilities typically can’t exceed a strict dollar cap limiting their assets. But changes in the rules governing both ABLE accounts and 529 tuition savings plans are now providing the disabled with a bit more financial flexibility.

These new options are best used in conjunction with traditional planning vehicles such as special needs trusts.

Here’s what’s changed:

Kristin Shirahama is an attorney with Bowditch & Dewey in Boston. Contact her at kshirahama@bowditch.com.

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