Tag Archives: ABLE account

My Child is on Government Benefits and Received a Stimulus Check, What Do I Do?

The third round of government stimulus payments has been authorized by President Biden’s American Rescue Plan Act of 2021 . Importantly, adults with disabilities who are dependents for tax purposes are now eligible to receive a stimulus payment. If you have a dependent with special needs, …
Continue reading →

ABLE Accounts: Understanding the Basics and Allowable Uses

If you have a family member with special needs, you should consider creating an ABLE account as a powerful tool to help provide for his or her financial future. Since many government benefit programs for individuals with special needs are …
Continue reading →

Understanding Some Basic Terms Involved in Special Needs Care and Planning – Part II

At Rubin Law, we limit our practice to the areas of Estate Planning, Guardianship, and Probate for families of children with special needs and adults with special needs. With our laser focus, we thoroughly understand the complexities of the various …
Continue reading →

How Can Future Planning Help Us Meet the Resource Limits for Benefits?

Most government benefits programs have strict “resource limits” for people applying to receive benefits. If your resources exceed the limit, you will not qualify for benefits. Future planning can help families of individuals with special needs who must have government …
Continue reading →

Which Expenses Cannot Be Paid from an ABLE Account?

If your child with special needs has an ABLE account, you may be wondering which expenses you can pay with money from the account. ABLE accounts can only fund certain expenses for their beneficiaries – you cannot use the money …
Continue reading →

Future Planning When Your New Child or Stepchild Has Special Needs

If you have just welcomed a new child or stepchild who has special needs into the family, you probably have questions and need some help sorting out your new life. You are not alone – many families like yours feel …
Continue reading →

Can You Use Money from a 529 Plan to Help Your Child with Special Needs?

If you began saving money for your child’s education in a 529 plan, you probably were planning to use that money on your child’s education at some point in the future. For children with special needs, money for expenses related …
Continue reading →

Required “Pay Back” for Illinois ABLE Accounts: What You Need to Know

You may have heard that the state of Illinois changed the ABLE account laws to remove the required “pay back” when an account beneficiary dies. Families of people with ABLE accounts may think this change will help them. Unfortunately, the …
Continue reading →

ABLE Accounts: What’s New in 2018?

ABLE account, tax law, contribution, gift tax exclusion, tax credit, special needs, disability, Brian Rubin, Benjamin Rubin, Benji Rubin, Judith Smith, Melanie Hoffman, Rubin Law, Illinois special needs lawyer, Illinois special needs attorney

Due to new tax laws passed in 2017, individuals with special needs can make more contributions to their ABLE accounts than they could in the past. ABLE accounts are special savings accounts that have tax advantages. They can be established …
Continue reading →

The Federal Gift Tax and People with Special Needs

You may not know that the federal gift tax could affect your future planning for your family if you have a child or other relative with special needs. First, you will need an introduction to how the gift tax works. …
Continue reading →

Can a Person with Special Needs Establish His Own Trust?

As of December 30, 2016, individuals with special needs who have capacity can establish their own special needs trusts. See 21st Century Cures Act, P.L. 114-255, Section 5007 (2016). Previously, first party self-settled special needs trusts could only be created with the help …
Continue reading →

Tag Archives: ABLE account

Upcoming Events