Congress has just enacted legislation that allows disabled beneficiaries of means tested programs such as Medicaid and Supplemental Security Income (SSI) to establish their own special needs trusts. Until now, such trusts had to be established by persons other than the disabled individual even when the trust’s funding source was the disabled individual’s own assets. The new law, known as the Special Needs Trust Fairness Act, changes that and allows such trusts to be established … Read more
Dec 9, 2016
Beginning December 6, 2016, Oregonians can take advantage of the federal “ABLE Act” which allows persons with disabilities to establish accounts which can be used to pay their disability related expenses. Those eligible can now open an ABLE account by enrolling via the Oregon ABLE website. The enrollment process is estimated to require no more than 15 minutes to complete.
Up to $14,000.00 can be contributed to an ABLE account each year without … Read more
Sep 15, 2016
Our past blogs have told you about a recently enacted federal law, the Achieving a Better Life Experience Act of 2014 (the “ABLE Act”), which allows persons with disabilities to establish accounts that can be used to pay expenses related to their disabilities. Up to $14,000.00 can be contributed to an ABLE account each year. Account earnings grow tax deferred and, provided the funds are used by the account owner to pay for “qualified … Read more
Aug 4, 2016
We have previously told you about recently enacted federal legislation, the Achieving a Better Life Experience Act of 2014 (the “ABLE Act”), which allows persons with disabilities to establish tax favored savings accounts which can be used to pay for expenses related to their disabilities.
A recent article highlights the dilemma faced by people with disabilities who can be disqualified from government benefit programs on which they rely, such as Medicaid or Supplemental Security Income, … Read more
Jul 16, 2015
This past January, we told you here about recently enacted federal legislation, the Achieving a Better Life Experience Act of 2014 (the “ABLE Act”), which allows persons with disabilities to establish tax favored savings accounts which can be used to pay for expenses related to their disabilities.
Persons who became severely disabled prior to their 26th birthday may establish an ABLE account, to which anyone can make a contribution. The total annual amount … Read more
Apr 15, 2014
Update to the Feds’ Seizure of Tax Refunds from Relatives to Recover Claimed Social Security Benefit Overpayments Made More than Ten Years Ago
The Social Security Administration has just announced that it has suspended efforts to recoup overpayments of benefits it claims to have made more than ten years ago while it reviews its “. . . responsibility and discretion under current law.” See more here.
Apr 14, 2014
Although children aren’t generally responsible for their parents’ debts, the rule apparently doesn’t apply when the federal government wants to collect.
As Marc Fisher recently reported in the Washington Post here, since 2011 when the federal government repealed the ten year statute of limitations applicable to governmental claims for overpayments of benefits, the government has enthusiastically pursued collection of old debts; often seizing tax refunds from children for overpayments the feds claim were made … Read more