Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is the third article in a series. The first article focused on the use of UTMA / UGMA accounts. The second article focused on 529 plans. This third article focuses on ABLE accounts. ABLE accounts are like Section 529 plans. But, while 529 plans are for education expenses, ABLE accounts (under Section 529A) are for qualified disability expenses. While a 529 … [Read more...] about ABLE Accounts
Special Accounts for People with Special Needs
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Those with special needs have unique challenges in life. But, there are special accounts available to individuals who were disabled before age 26. The Achieving a Better Life Experience or “ABLE” Act created ABLE accounts under section 529A. 529 accounts give preferential tax treatment when the accounts are used for educational expenses (this was discussed in our … [Read more...] about Special Accounts for People with Special Needs
