The holiday season now upon us often serves to promote family reflections on loved ones, especially those who might have special needs relative to care owing to a disability of some type.
We are an established Little Rock estate administration law firm. The legal team at Robertson, Oswalt, Nony & Associates regularly publishes blog posts for our valued readers and clients that we strive to make timely and purposeful in personally fulfilling ways.
Especially relevant subject matter concerning disability-linked estate planning recently surfaced via an IRS communication. We pass along its central details without delay, knowing that families are sharing blessings and thinking about the care they render their loved ones as they closely congregate in the days approaching the New Year.
That agency focus spotlights the ABLE program, which is shorthand government parlance for Achieving a Better Life Experience. The ABLE initiative was established several years ago by federal regulators. An article closely addressing the subject matter notes that its core goal is “to help people with disabilities and their families save and pay for disability-related expenses.”
That aim is promoted through enabling contributions for participants to accrue and be distributed tax-free. Money can be used for many purposes, which are enumerated in a lengthy listing of “qualified disability expenses.”
The ABLE program entails some complexity and comes with stated eligibility requirements. Individuals and families in Arkansas who are potentially interested in setting up an ABLE account might reasonably want to confer first with proven estate planning legal counsel. A candid sit-down opportunity might additionally highlight other planning vehicles – such as special needs trusts – that can operate in lieu of or in tandem with an ABLE account.