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

Category archives: Special Needs Trust

Uber, Lyft Sued Over Wheelchair Access
2 weeks ago
In theory, the rapid growth of Uber, Lyft and other on-demand ride-sharing services should make cities more accessible to people with disabilities, especially considering the tendency of municipal governments to underfund paratransit systems. However, these ride-share companies, even more than t... [read more]

What Is the Difference Between a Living Will and a Do-Not-Resuscitate Order?
1 month ago
It is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. In doing so, there can be confusion about the difference between a living will and a "do-not-resuscitate" order (DNR). While both these document... [read more]

Stormy Daniels Lawyer Michael Avenatti Charged with Embezzling $4 Million Intended for Special Needs Trust
2 months ago
California attorney Michael Avenatti, who came to national attention for his representation of adult film actress Stormy Daniels in her lawsuit against President Trump, was recently charged in federal court with 36 counts of tax fraud, bankruptcy fraud and stealing from the settlements of clients. A... [read more]

Invite Others to Contribute to the Trust
2 months ago
When parents ponder how to provide for their child with special needs, they sometimes forget one of the key advantages of a special needs trust that is created while the parents are still alive: the trust can be the recipient not just of the obvious assets that are available for the child. Members o... [read more]

An Up to $7,500 Tax Credit for the Elderly and Disabled
3 months 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
4 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?
4 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
5 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
6 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
7 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?
8 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
8 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]