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This is great information... I am crossing my fingers that they increase the age as not all disabilities occur before age 26, and those who are over 26 still have the same problem of being forced to waste money to keep benefits.
Is it possible to add or change the ABLE account Authorized Legal Representative? If the beneficiary passed away, who can receive the remainder balance of the account? Thank you.
Yes, you should be able to change the Authorized Legal Representative; the CA Treasurer’s website says that you can notify CalABLE of the change. This website also says that the executor of the estate of the beneficiary can request the remaining funds payable to the beneficiary’s estate. Here is the website: www.treasurer.ca.gov/able/final.pdf
This is so much great helpful information for helpless people. What is the website to open an ABLE account from New York? Please give the URL for New York City. Thank you!!!👍👍👍 ❤❤❤
Can I withdraw all money from an able account at a time if I need to buy a house or any other reason? Please let me know if any restriction to withdraw! Thank you|
@@sdglobal As long as money is withdrawn from an ABLE account for “Qualified Disability Expenses,” you should be able to withdraw as much or as little as you want at a time.
Good info...My accountant has told me that if your SSI recipient is a child living with you the rent the parent collects is not taxed. Second, I have a question can your recipient have more than one ABLE account with each one having a 100k cap???
I get s s I every month Social security said to me if I go over two thousand dollars don't stop my check I want to save up money I am forty six years old I'm a capital one I got savings and check in but still i gotta take out 300$ $100 put in my house i do not. Want to do that. I suffer from mental health depression and anxiethat I got molested 12 Years old
First...Thank you so much for taking the complexity out of this all! You're a wealth of knowledge and I encourage everyone to follow your channel and soak it up😎 I have two questions if you wouldn't mind answering... 1. I understand a 3rd party SNT is irrevocable and therefore not subject to creditors, but what about funds in an ABLE account? For example, let's say I had 75k in an ABLE account AND I was also the beneficiary of a 3rd party SNT that had another 75k in it. Now let's say I got sued for 150k and lost, wouldn't the funds in my ABLE account be fair game to the creditors but anything in the SNT would be off limits? 2. Also, I'm in NY and the state can make a claim for Medicaid reimbursement after my death whereas California would not. Since I can open an ABLE account in any state, could NY still make a claim if I opened the account in California? -Matt
Question 1: I’m not sure about creditor protection for the ABLE account - that’s a good question! We’ll look into that. 😊 Question 2: I believe NY Medicaid would make a claim against any ABLE account, so you likely can’t get around the Medicaid reimbursement claim by setting up an ABLE account in another state.
@@ellencookman-EstatePlanningSNT From what I gathered, as long as you invest in your OWN states ABLE program, accounts are protected from creditors, garnishments, judgements and even bankruptcies (but only if contributions were made 365 days prior to filing). Regardless, Medicaid will always have the highest priority as a creditor in NY and most other states. So this makes my 2nd question a no brainer also. If Medicaid can still make a claim if I open in another state AND I would lose any protection from other creditors since I didn't form in my home state, it would make zero sense all around to form elsewhere. A California resident with an ABLE account is fully protected. NY not so much 😢
What are the things to watch out for in an ABLE account? I see comments about fees & not good investments. If we (family) are paying for expenses, a roof, food & clothing wouldn't extra money be more useful in the Special Needs Trust? Also I heard that the state can go after any money left in the Special Needs Trust upon the death of the account holder. Nothing left for spouse or children. Is this true?
Thank you for your message. There are several issues you’ve raised - the pro’s and con’s of using an ABLE account vs a SNT to pay for expenses. This is too much to write in a comment, but that would make a good RUclips video, I’ll work on that - thanks for the idea! 😊 On the 2nd question, usually only a 1st party SNT is subject to Medi-Cal reimbursement (not a 3rd party SNT).
Thanks for putting this info out. Glad you're a person who works in special needs planning because you have a claiming, professional, and wonderful demeanor. I'm working on setting up an ABLE account in Texas because my son had his services completely denied after having them for over 8 years. He started getting more hours where he works which put his banking account over $2000.00. They're making him start all over again and fill out a completely new application for services. I'm wondering if I should appeal or just suck it up and reapply. If I don't appeal, he loses his services until the new application is processed and who knows how long that will take.
An ABLE account is intended for someone who became disabled before age 26; I suppose there could be a problem if the disability resolves itself and a person is no longer disabled, but I’ve never encountered this situation.
Good question! I don’t believe those other types of pre-tax accounts can be “rolled over” into an ABLE account and preserve the pre-tax benefits. You can likely cash them out, pay the tax, then deposit the proceeds into the ABLE account. It really depends on the situation.
So at the moment I am out of work and I’m collecting SSI but I would like to save it so that I can move out and pay for expenses. Do I need to have a job to have an able account and also do I need someone to set it up for me or can I do it myself?
You say the disability must have developed before the age 26 but this sounds like a bit of a grey area. I've had a chronic condition that developed prior to age 26 that would be categorized as disabled by the SSA. However I am not on any ssi/ssdi so I doubt I would be classified or deemed disabled by them. I'm also aware this is changing to age 46 but I am older than that. I do have a long history of medical records and VERY expensive and consistent treatment. So, I am wondering if I could qualify for an ABLE account or if I am out of luck?
The ABLE account is not set up to accept more than $17K per year; I'm not sure what happens (i.e. penalties, effect on public benefits) if someone accidentally exceeds that amount.
Hey I have CP if I open a able account can I use that money as a vacation fund ex going to Disney World or is able accounts strictly for basic needs or how would that work?
Yes, I believe you can use the ABLE account funds for a vacation, as long as it’s helping you maintain or improve your health, independence, and quality of life. (Which Disneyland should definitely do!)@@aubreyunoficalcastmemberwd1522
An ABLE account is only available to disabled individuals whose disability occurred prior to age 26 (increasing to age 46). I don’t believe they are available to seniors without a disability.
Thanks for your question. It depends - the California Medi-Cal system won’t bring a reimbursement claim against a CalABLE account. Other states handle it differently.
I have a special needs trust fund but my older brother was suppose to be in charge, so contested the will so he filed a petition so i hired an attorney he made me in charge of my special needs trust fund. But do i have to do anything else to protect myself from him, can you give me advice to me.
Joy, thanks for your question! Unfortunately, I’m not able to answer without more specific information. I suggest you reach out to an attorney in the state where you live, and they can help walk you through your options.
Want to learn more about how to set up Special Needs Trust? Download my Special Needs Planning Webinar here👇👇
l3jzs7tx.pages.infusionsoft.net/?cookieUUID=2971f86d-aa69-4597-b8f0-457f2c665124&affiliate=0
This is great information... I am crossing my fingers that they increase the age as not all disabilities occur before age 26, and those who are over 26 still have the same problem of being forced to waste money to keep benefits.
thank you for the video Ellen!
You're welcome! Your gratitude is much appreciated.
@@ellencookman-EstatePlanningSNT im glad! 😊
Is it possible to add or change the ABLE account Authorized Legal Representative? If the beneficiary passed away, who can receive the remainder balance of the account? Thank you.
Yes, you should be able to change the Authorized Legal Representative; the CA Treasurer’s website says that you can notify CalABLE of the change. This website also says that the executor of the estate of the beneficiary can request the remaining funds payable to the beneficiary’s estate. Here is the website: www.treasurer.ca.gov/able/final.pdf
This is so much great helpful information for helpless people. What is the website to open an ABLE account from New York? Please give the URL for New York City. Thank you!!!👍👍👍 ❤❤❤
Upon a google search, I found this website: www.mynyable.org/
@@ellencookman-EstatePlanningSNT Thank you!
Can I withdraw all money from an able account at a time if I need to buy a house or any other reason? Please let me know if any restriction to withdraw! Thank you|
@@sdglobal As long as money is withdrawn from an ABLE account for “Qualified Disability Expenses,” you should be able to withdraw as much or as little as you want at a time.
@@ellencookman-EstatePlanningSNT Thank you !
Good info...My accountant has told me that if your SSI recipient is a child living with you the rent the parent collects is not taxed. Second, I have a question can your recipient have more than one ABLE account with each one having a 100k cap???
That’s interesting, thank you for sharing. Each disabled beneficiary can get 1 ABLE account, not multiple ones.
I get s s I every month Social security said to me if I go over two thousand dollars don't stop my check I want to save up money I am forty six years old I'm a capital one I got savings and check in but still i gotta take out 300$ $100 put in my house i do not. Want to do that. I suffer from mental health depression and anxiethat I got molested 12 Years old
Can I put my earned income in to my child ABLE account so it won’t affect his SSI benefits? Will SSA allow that?
First...Thank you so much for taking the complexity out of this all! You're a wealth of knowledge and I encourage everyone to follow your channel and soak it up😎
I have two questions if you wouldn't mind answering...
1. I understand a 3rd party SNT is irrevocable and therefore not subject to creditors, but what about funds in an ABLE account?
For example, let's say I had 75k in an ABLE account AND I was also the beneficiary of a 3rd party SNT that had another 75k in it. Now let's say I got sued for 150k and lost, wouldn't the funds in my ABLE account be fair game to the creditors but anything in the SNT would be off limits?
2. Also, I'm in NY and the state can make a claim for Medicaid reimbursement after my death whereas California would not. Since I can open an ABLE account in any state, could NY still make a claim if I opened the account in California?
-Matt
Question 1: I’m not sure about creditor protection for the ABLE account - that’s a good question! We’ll look into that. 😊
Question 2: I believe NY Medicaid would make a claim against any ABLE account, so you likely can’t get around the Medicaid reimbursement claim by setting up an ABLE account in another state.
@@ellencookman-EstatePlanningSNT
From what I gathered, as long as you invest in your OWN states ABLE program, accounts are protected from creditors, garnishments, judgements and even bankruptcies (but only if contributions were made 365 days prior to filing).
Regardless, Medicaid will always have the highest priority as a creditor in NY and most other states. So this makes my 2nd question a no brainer also. If Medicaid can still make a claim if I open in another state AND I would lose any protection from other creditors since I didn't form in my home state, it would make zero sense all around to form elsewhere. A California resident with an ABLE account is fully protected. NY not so much 😢
What are the things to watch out for in an ABLE account? I see comments about fees & not good investments. If we (family) are paying for expenses, a roof, food & clothing wouldn't extra money be more useful in the Special Needs Trust? Also I heard that the state can go after any money left in the Special Needs Trust upon the death of the account holder. Nothing left for spouse or children. Is this true?
Thank you for your message. There are several issues you’ve raised - the pro’s and con’s of using an ABLE account vs a SNT to pay for expenses. This is too much to write in a comment, but that would make a good RUclips video, I’ll work on that - thanks for the idea! 😊 On the 2nd question, usually only a 1st party SNT is subject to Medi-Cal reimbursement (not a 3rd party SNT).
setup in CA
I had one opened for my son but it says that if he happens to pass, Medicaid gets all their money back. And that's a lot of money.
Thanks for putting this info out. Glad you're a person who works in special needs planning because you have a claiming, professional, and wonderful demeanor. I'm working on setting up an ABLE account in Texas because my son had his services completely denied after having them for over 8 years. He started getting more hours where he works which put his banking account over $2000.00. They're making him start all over again and fill out a completely new application for services. I'm wondering if I should appeal or just suck it up and reapply. If I don't appeal, he loses his services until the new application is processed and who knows how long that will take.
I really appreciate your kind words and am so glad that the info is well received🙂!
I live in Southern CA. Would you be able to help me set up a special need trust for my son?
And my father put in so my ssi and medicaid won't get affected and, i can continue to get it.
Great Video, thank you!
What are the disqualifiers for an individual to have an ABLE account, once the individual has already set up the ABLE account?
An ABLE account is intended for someone who became disabled before age 26; I suppose there could be a problem if the disability resolves itself and a person is no longer disabled, but I’ve never encountered this situation.
In my state ABLE investing is very inflexible (3 options) and the fees are really high. No low cost investing available.
Yeah why are fees so high
What are the fees?
@@sr2291 you can find it online for your state, i dont remember details
Opened one in CT. Thank you!
That's wonderful!
Can a saving account, IRA account, 401 account, minus the 529, be rollover into an ABLE account?
Good question! I don’t believe those other types of pre-tax accounts can be “rolled over” into an ABLE account and preserve the pre-tax benefits. You can likely cash them out, pay the tax, then deposit the proceeds into the ABLE account. It really depends on the situation.
So at the moment I am out of work and I’m collecting SSI but I would like to save it so that I can move out and pay for expenses. Do I need to have a job to have an able account and also do I need someone to set it up for me or can I do it myself?
You can set up the ABLE account yourself!
You say the disability must have developed before the age 26 but this sounds like a bit of a grey area.
I've had a chronic condition that developed prior to age 26 that would be categorized as disabled by the SSA. However I am not on any ssi/ssdi so I doubt I would be classified or deemed disabled by them.
I'm also aware this is changing to age 46 but I am older than that. I do have a long history of medical records and VERY expensive and consistent treatment.
So, I am wondering if I could qualify for an ABLE account or if I am out of luck?
Hican I do a joint able account?I am on ssdi my husband is not can I put him on it so he can add money and not loose medicare ect?
I suggest you reach out to the folks at CalABLE, they can walk you through how to best set up the account to protect your SSDI and Medicare.
Your videos are very interesting, but the sounds (music) at the background are really overstimulated. I have sensory problems.
I set up my ABLE in Pennsylvania
That's great!
🎉excellent video . There is no money patents can put into able account for food and housing - can the SSI money go into the able account ?
Yes, I believe SSI income can be transferred from the checking account where it’s received into an ABLE account. Good question!
Is Florida a good state for an able account or should I go somewhere else?
This is so helpful! We opened one years ago!
What happens if the amount deposited exceeds that annual amount? Does SSI count that as a resource or are the limits just for tax purposes?
The ABLE account is not set up to accept more than $17K per year; I'm not sure what happens (i.e. penalties, effect on public benefits) if someone accidentally exceeds that amount.
Hey I have CP if I open a able account can I use that money as a vacation fund ex going to Disney World or is able accounts strictly for basic needs or how would that work?
I'm over 26
Yes, I believe you can use the ABLE account funds for a vacation, as long as it’s helping you maintain or improve your health, independence, and quality of life. (Which Disneyland should definitely do!)@@aubreyunoficalcastmemberwd1522
Thank you so much, Ma'am. your answer was really helpful.:)
Thank you so much for providing such useful info. I opened an ABLE for my daughter in CA.
You're very welcome and that's wonderful you got started on this for your daughter!
Ruithie what bank did you use do you have a link, I don't know wich one to trust
@@Mothafuckenzay I did it with Fidelity Investments
Can a senior citizen NOT disabled establish able account
An ABLE account is only available to disabled individuals whose disability occurred prior to age 26 (increasing to age 46). I don’t believe they are available to seniors without a disability.
@@ellencookman-EstatePlanningSNT Thank you very much.
I’m planning to set up able account in Vermont.
That's great to hear! Thanks for sharing.
Is it true that if the child died, all the money in his able account go to medical?
Thanks for your question. It depends - the California Medi-Cal system won’t bring a reimbursement claim against a CalABLE account. Other states handle it differently.
What about child support? In Long Island NY
Can someone explain ssdi and able?
I have a special needs trust fund but my older brother was suppose to be in charge, so contested the will so he filed a petition so i hired an attorney he made me in charge of my special needs trust fund. But do i have to do anything else to protect myself from him, can you give me advice to me.
Joy, thanks for your question! Unfortunately, I’m not able to answer without more specific information. I suggest you reach out to an attorney in the state where you live, and they can help walk you through your options.
Can a pension from a parent be put into able account to protect medicaid benefits
No, I don’t believe directing income from a pension to an ABLE account would somehow render the income stream as not countable for Medi-Cal purposes.
California!