Special Needs Trust Archives | Grady H. Williams, Jr. LL.M, Attorneys at Law

Category archives: Special Needs Trust

An Up to $7,500 Tax Credit for the Elderly and Disabled
4 weeks ago
Low-income seniors and people with disabilities may be missing out on a tax credit that could reduce their tax liability by up to $7,500 this tax season. To qualify for the Senior Tax Credit for the Elderly and Disabled, individuals must either be above age 65 or retired early due to a qualif... [read more]

Kiddie Tax Changes May Increase Burden for Families with SNTs
2 months ago
Major changes to the “kiddie tax” could significantly increase the tax liability of assets placed in special needs trusts if the trust’s beneficiary is a minor and the income the trust earns is high enough. Congress enacted the so-called “kiddie tax” in 1986 to deter wealthy families from “in... [read more]

What Can a Special Needs Trust Pay For?
2 months ago
A special needs trust is designed to provide a person with a disability the funds to enhance her quality of life while at the same time allowing her to remain eligible for needs-based public benefits. Government programs like Medicaid and Supplemental Security Income (SSI) provide essentials, such ... [read more]

IRS Issues Long-Term Care Premium Deductibility Limits for 2019
3 months ago
The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2019 income as a result of buying long-term care insurance. Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with oth... [read more]

Five Questions to Ask Before Settling a Personal Injury Lawsuit
4 months ago
When personal injury lawsuits are settled, the underlying settlement figure may be less than initially meets the eye due to attorneys’ fees, expenses and other costs. To ensure the resulting settlement best protects the plaintiff's long-term financial interests, as well as their health and quality o... [read more]

IRA Distributions to SNTs: Minimizing Income Taxes
5 months ago
For many parents, the majority of their savings is held in some kind of a retirement account, often an Individual Retirement Account (IRA). At age 70 1/2, an IRA account holder faces the Required Beginning Date, when he or she must take mandatory distributions from the IRA. These payments are determ... [read more]

Who Can Set Up the ABLE Account?
6 months ago
ABLE accounts, new tax-free saving accounts for people with disabilities, hold great promise for special needs planning. But among the many questions surrounding ABLE plans is who can open accounts? Only the person with a disability? Parents? Other relatives? Friends? Created by Congress vi... [read more]

On Life Support for Two Years, Program That Moves People Out of Institutions Is Closer to Reauthorization
6 months ago
After expiring two years ago, a program that helps people with disabilities transition out of institutions and into the community appears to be headed for renewed funding and even improvement. The Ensuring Medicaid Provides Opportunities for Widespread Equity, Resources, and Care (EMPOWER) Ca... [read more]

Are 529 Plans the Best Way to Save for SSI Beneficiaries’ Education Expenses?
7 months ago
For many families, Section 529 College Savings Plans are an excellent investment tool when saving money for their child’s educational expenses. But if the child obtains Supplemental Security Income (SSI) benefits, families should be cautious in using a Section 529 plan. 529 plans, named for a pro... [read more]

Senate Bill Would Set Up Federal Office of Disability Policy
8 months ago
Each year, hundreds of bills and regulations are proposed with little if any analysis of how they will affect the lives of people with disabilities. If signed into law, a new Senate bill, titled the Office of Disability Policy Act of 2018, would change this. Introduced July 24, the legislation wo... [read more]

Grady H. Williams, Jr., LL.M., Attorneys at Law, P.A. Open Local Office in Julington Creek
8 months ago
To better serve our clients and their families who live or work in Julington Creek, St. Johns, Fruit Cove, Switzerland, Orangedale, Mandarin, and surrounding areas, we have opened a local office conveniently located in the Julington Creek Business Park at 12627 San Jose Boulevard, Suite 102-A, Jacks... [read more]

SSA Liberalizes Rules on When Special Needs Trusts Can Reimburse Family Members for Travel
9 months ago
Travel is sometimes necessary when a family has a child with special needs. Family members may need to visit the person with special needs, or a medical emergency may require travel to care for the loved one, or the family may simply want to take the child with special needs on vacation. For... [read more]