Presently, a Special Needs Trust (SNT) is the only vehicle for a person on benefits to have more than $2,000 in cash and still maintain their Social Security and Medicaid benefits. For smaller amounts of money, creating a SNT may not
be cost effective. The good news! September of 2014, Congress created a new less expensive alternative through the ABLE Act. Money can be put into an ABLE account under specific circumstances and the person can keep their benefits. The bad news: As of June 2014 Arizona has not proposed legislation to allow the creation of ABLE accounts. BUT we expect it will happen. We love new options. Unfortunately, the Act is more restrictive than we would like. Here are the basics of ABLE. Want to read the rest? Go directly to our blog.
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