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What Can ABLE Account Money Be Spent On (Qualified Disability Expenses)?

ABLE (Achieving a Better Life Experience) accounts offer people with disabilities a great, tax-free way to accumulate money without jeopardizing their qualifications for Supplemental Security Income (SSI) and other means-tested programs. Withdrawals are tax-free as long as the money is used for “qualified disability expenses.”  The arguments for starting and maintaining such funds are overwhelming, not …

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What Is a Qualified Disability Expense Under an ABLE Account?

ABLE (Achieving a Better Life Experience) accounts offer people with disabilities a great, tax-free way to accumulate money without jeopardizing their qualifications for Supplemental Security Income (SSI) and other means-tested programs. Withdrawals are tax-free as long as the money is used for ABLE “qualified disability expenses accounts.”  The arguments for starting and maintaining such funds are …

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March Is National Developmental Disabilities Awareness Month!

Authored by: Stephen R. Elville – Managing Principal and Lead Attorney – Elville and Associates, P.C. March is National Developmental Disabilities Awareness Month!  Elville and Associates is very privileged and honored to work with persons with disabilities and their families, and to be a part of the disability and special needs community for the past …

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What Documents Are Required for a Medicaid Application?

Medicaid applicants must prove that they have limited income and assets in order to be eligible for long-term care services. Before beginning the Medicaid application process, it is helpful to understand what information you will be required to provide to prove your eligibility.  Medicaid is a state-run program, so the rules can vary from state …

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Trustee Compensation – What Is Reasonable and What Factors Should Be Considered?

Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of trustee compensation depends on the type of trustee and the complexity of the trust.  Depending on the trust, a trustee’s duties can include managing trust assets, making distributions to beneficiaries, paying …

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If You Don’t Want an IRA Distribution, You Can Donate It to Charity

Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your IRA distribution, one option is to donate it to charity and get a tax deduction.  You are required to begin taking IRA distributions from your tax-deferred IRA when you reach age 72 (70 ½ if you turned …

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Often-Overlooked Earned Income Tax Credit Expanded, Now Covers More People with Disabilities

For tax year 2021, the IRS is expanding eligibility for the earned income tax credit (EITC), an important antipoverty measure that assists those with low-incomes. One key impact of these changes is that more people without children, many of whom are also people with disabilities, will qualify. Traditionally people with disabilities have “left money on the …

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Better Than No Loaf: Medicaid Planning Using “Half a Loaf” Strategies 

While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. Three so-called “half a loaf” approaches allow a Medicaid applicant to give away some assets while still qualifying for Medicaid.   In order to be …

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