Special Accounts for People with Special Needs

October 30, 2018 by Michael J. O’Brien, Estate Planning Attorney

ABLE accounts provide tax benefits and flexibility to disabled people. ABLE accounts are available to those disabled before age 26. Read on to learn more about ABLE accounts and how they can be used with a Special Needs Trust for maximum advantage.

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Michael J. O’Brien, Estate Planning Attorney

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Michael has a comprehensive knowledge of estate palnning needs and trust issues. I trust his guidance and counsel completely.

Jim Client Review September 8, 2020

Imagine a family that extended itself to the maximum purchasing farmland generations ago. They worked hard all of their lives and had some years that were better than others. Though it was touch and go at times they were fortunate enough to be able to pay off their mortgage and pass the property on to the next generation. The family farm is subsequently passed down time and time again. Those who work the farm make a living but they are by no means rich. However, the land has appreciated over the years. Though the family is not truly wealthy the farm could be subject to the estate tax because of its steady appreciation. At some point the family may have to sell the farm simply to pay the estate tax. This is a prospect that many farmers had to face as 2012 was coming to a close. One of the automatic tax increases that would have been implemented if we would have gone over the fiscal cliff involved the estate tax. In 2011 the estate tax exclusion was set at $5 million with ongoing adjustments for inflation. In 2012 the exclusion was $5.12 million. If no further tax relief legislation was passed the exclusion was set to go down to just $1 million. This certainly would have impacted many farmers. Fortunately for these families the base $5 million exclusion with adjustments for inflation has been retained due to the passage of the American Taxpayer Relief Act of 2012. We have a $5.25 million exclusion this year, and this will keep a number of farms protected from the tax man.

Tom Client Revew September 8, 2020

Personal, professional service and follow up. Did what he said he would do at the agreed price.

Paul Client Review September 8, 2020

Michael and his team work very closely with you to help build a strategy for you regarding estate planning. They do not overdo it. They work hard to be certain their suggestions/recommendations fit your needs. Michael asks great questions, listens well and delivers on his commitments. I was very appreciative and hugely satisfied.

Anonymous Client Review September 8, 2020

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