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
@durch_meine_Augen
7 ай бұрын
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.
@aldusmann698
Жыл бұрын
Opened one in CT. Thank you!
@ellencookman-EstatePlanningSNT
Жыл бұрын
That's wonderful!
@mattf4691
Жыл бұрын
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
@ellencookman-EstatePlanningSNT
Жыл бұрын
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.
@mattf4691
Жыл бұрын
@@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 😢
@5Bazile5
2 жыл бұрын
I set up my ABLE in Pennsylvania
@ellencookman-EstatePlanningSNT
2 жыл бұрын
That's great!
@txproudproudamerican9474
Жыл бұрын
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.
@ellencookman-EstatePlanningSNT
Жыл бұрын
I really appreciate your kind words and am so glad that the info is well received🙂!
@MariaVazquez-uz3iy
7 ай бұрын
I live in Southern CA. Would you be able to help me set up a special need trust for my son?
@ruthier2699
Жыл бұрын
Thank you so much for providing such useful info. I opened an ABLE for my daughter in CA.
@ellencookman-EstatePlanningSNT
Жыл бұрын
You're very welcome and that's wonderful you got started on this for your daughter!
@Mothafuckenzay
Жыл бұрын
Ruithie what bank did you use do you have a link, I don't know wich one to trust
@ruthier2699
Жыл бұрын
@@Mothafuckenzay I did it with Fidelity Investments
@sdglobal
2 ай бұрын
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!!!👍👍👍 ❤❤❤
@ellencookman-EstatePlanningSNT
Ай бұрын
Upon a google search, I found this website: www.mynyable.org/
@sdglobal
Ай бұрын
@@ellencookman-EstatePlanningSNT Thank you!
@sdglobal
Ай бұрын
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|
@ellencookman-EstatePlanningSNT
Ай бұрын
@@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.
@sdglobal
Ай бұрын
@@ellencookman-EstatePlanningSNT Thank you !
@jillr759
2 жыл бұрын
This is so helpful! We opened one years ago!
@MorTTime
Жыл бұрын
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???
@ellencookman-EstatePlanningSNT
Жыл бұрын
That’s interesting, thank you for sharing. Each disabled beneficiary can get 1 ABLE account, not multiple ones.
@ElychelleAbuel
10 ай бұрын
I’m planning to set up able account in Vermont.
@ellencookman-EstatePlanningSNT
10 ай бұрын
That's great to hear! Thanks for sharing.
@clare2439
Жыл бұрын
thank you for the video Ellen!
@ellencookman-EstatePlanningSNT
Жыл бұрын
You're welcome! Your gratitude is much appreciated.
@clare2439
Жыл бұрын
@@ellencookman-EstatePlanningSNT im glad! 😊
@lilianah3505
Жыл бұрын
In my state ABLE investing is very inflexible (3 options) and the fees are really high. No low cost investing available.
@castroeladio
Жыл бұрын
Yeah why are fees so high
@sr2291
10 ай бұрын
What are the fees?
@lilianah3505
10 ай бұрын
@@sr2291 you can find it online for your state, i dont remember details
@Knightviper777
7 ай бұрын
Great Video, thank you!
@yeswe_buy_houses1805
2 ай бұрын
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.
@heavenrain888
Жыл бұрын
Can I put my earned income in to my child ABLE account so it won’t affect his SSI benefits? Will SSA allow that?
@aracelyode5937
2 ай бұрын
Your videos are very interesting, but the sounds (music) at the background are really overstimulated. I have sensory problems.
@abphan
Жыл бұрын
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.
@ellencookman-EstatePlanningSNT
Жыл бұрын
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
@tayfan2
Жыл бұрын
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?
@ellencookman-EstatePlanningSNT
Жыл бұрын
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 KZitem 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).
@joygregory7974
Жыл бұрын
And my father put in so my ssi and medicaid won't get affected and, i can continue to get it.
@nraghu99
4 ай бұрын
setup in CA
@markmarinoni98
8 ай бұрын
What are the disqualifiers for an individual to have an ABLE account, once the individual has already set up the ABLE account?
@ellencookman-EstatePlanningSNT
8 ай бұрын
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.
@suzanneribbe9017
Жыл бұрын
🎉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 ?
@ellencookman-EstatePlanningSNT
Жыл бұрын
Yes, I believe SSI income can be transferred from the checking account where it’s received into an ABLE account. Good question!
@ark194
6 ай бұрын
Can someone explain ssdi and able?
@ParMonSun
5 ай бұрын
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?
@justinrivera1618
11 ай бұрын
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?
@ellencookman-EstatePlanningSNT
10 ай бұрын
You can set up the ABLE account yourself!
@shaunasilver9545
8 ай бұрын
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?
@ellencookman-EstatePlanningSNT
8 ай бұрын
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.
@gwilliams1629
Жыл бұрын
Can a saving account, IRA account, 401 account, minus the 529, be rollover into an ABLE account?
@ellencookman-EstatePlanningSNT
Жыл бұрын
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.
@greenfairy1034
Жыл бұрын
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?
@ellencookman-EstatePlanningSNT
Жыл бұрын
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.
@heavenrain888
Жыл бұрын
What about child support? In Long Island NY
@RVI123
3 ай бұрын
Can a senior citizen NOT disabled establish able account
@ellencookman-EstatePlanningSNT
2 ай бұрын
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.
@RVI123
2 ай бұрын
@@ellencookman-EstatePlanningSNT Thank you very much.
@ceruleanblue7
9 ай бұрын
Can a pension from a parent be put into able account to protect medicaid benefits
@ellencookman-EstatePlanningSNT
9 ай бұрын
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.
@aubreyunoficalcastmemberwd1522
4 ай бұрын
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?
@aubreyunoficalcastmemberwd1522
4 ай бұрын
I'm over 26
@ellencookman-EstatePlanningSNT
4 ай бұрын
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
@aubreyunoficalcastmemberwd1522
4 ай бұрын
Thank you so much, Ma'am. your answer was really helpful.:)
@litebecon
Жыл бұрын
Is it true that if the child died, all the money in his able account go to medical?
@ellencookman-EstatePlanningSNT
Жыл бұрын
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.
@jg6ycuj340
Жыл бұрын
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
@joygregory7974
Жыл бұрын
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.
@ellencookman-EstatePlanningSNT
Жыл бұрын
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.
@jillr759
2 жыл бұрын
California!
@sitdowndogbreath
Жыл бұрын
Is Florida a good state for an able account or should I go somewhere else?
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