Reply to Things to consider for a teen with special needs before age 18:

Forum Index » Kids With Special Needs and Disabilities

Reply to "Things to consider for a teen with special needs before age 18:"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]

This can be a complicated question as you will find if you raise the question in Google as I just did.  The safest route would be to establish an  529 ABLE account which could operate  as an educational account.  It can be used for college expenses, but also for many other allowed expenses for a disabled adult.  There is currently a limit of all gifts to such an account of $15,000 with a total value of $100,000 before it would impact SSI eligibility.  So currently one could have up to $2,000 in countable financial assets + up to $100,000  in a 529 ABLe Account as far as I know.

An ABLE account is not the same as a Special Needs Trust.   Both can be important to have in place for an adult with special needs.  I can see how it could be very important for one who had a job and wanted to save for a future goal above the $2,000 limit and/or able to accept gifts from parents or others toward a goal such as specialized job training, a car, a condo or other kind of home.  There are rules on more being able to be added to an account in a year if from the disabled person’s earning.

You need to check on limits on what one could do with either a 529 ABLE account, if the disabled child does not go to college.  I am not sure that you could transfer funds to another sibling who was going to college if that was the main purpose of the 529 ABLE at the time??[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics