Financial Planning

Most special needs trusts give their trustee wide authority to respond to unforeseen circumstances. But for those concerned about placing some checks and balances on the trustee’s authority, one possible option is a care committee.

A financial planner explains the considerations that must go into calculating how much will adequately fund a special needs trust, and offers a sample budget.

Under the new tax law, people whose student loan debt is discharged due to disability will no longer be taxed on the discharged income, potentially saving them tens of thousands of dollars.

Among the changes in the Tax Cuts and Jobs Act, signed by President Trump on December 22, is a provision that could provide some temporary relief for families with high medical expenses.

The amount that can be deposited in an ABLE account each year without jeopardizing public benefits will rise from the current $14,000 to $15,000 starting in 2018. ...

The tax plan put forward by the Republican-led House of Representatives would eliminate the medical expense deduction, potentially dealing a financial blow to those paying for costly care. ...

ABLE accounts, new savings plans for people with special needs to save for disability related expenses, may be used for an even broader array of products and services than many beneficiaries may realize.  ...

To help consumers navigate the process of opening newly available savings accounts for families of people with disabilities, the ABLE National Resource Center has launched an education and information campaign called #ABLEtoSave. ...

Sometimes people with disabilities or their families find themselves owing past-due federal taxes they cannot afford to pay.  Although notices from the IRS can be especially frightening, there are solutions. ...