Navigating an Inheritance for Beneficiaries with Special Needs
When a person with special needs inherits money in Florida, the impact on their financial and personal life can be profound and complex. Direct inheritance
When a person with special needs inherits money in Florida, the impact on their financial and personal life can be profound and complex. Direct inheritance
This is a common question for parents of kids with special needs, particularly when the individual is very high functioning and has aspirations to attend college. In some cases, a family member may have established a college plan for the child without understanding the possible effect the account can have on the child’s eligibility for government benefits, including Supplemental Security Income (SSI).
The Achieving Better Life Experience Act, or ABLE Act, was signed into law by President Obama in December 2014. ABLE updates the Internal Revenue Code to allow eligible individuals and their families to establish a tax-exempt savings account that allows for disbursements of income tax-free funds for “qualified disability expenses,” including education, transportation, housing, obtaining and maintaining employment, personal support services, assistive technology and health and wellness.
Have you made your 2018 resolutions? They may include losing weight, exercising more, eating healthier or quitting smoking. Why not consider kick starting 2018 with a resolution to review your existing estate planning documents?
If you have a family member with special needs, you will need to rely on some unique estate planning mechanisms to ensure they are well taken care of should something happen to you.
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The Law Offices of Hoyt & Bryan is Central Florida’s leading estate planning and elder law firm and the only Florida law firm with two attorneys board certified in both Wills, Trusts and Estates as well as in Elder Law. We were founded in 1999 and our main office is located in the heart of historic Oviedo, Florida.
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