logo

Welcome to your one stop source for the latest updates in the Special Needs Community!

"Here Comes the Sun" is the the Newsletter from Russo Law Group, P.C. specifically for the Special Needs Community. For more information on any of the articles you read here, please do not hesitate to contact us!

ABLE Act: What do you Need to Know?

With the passing of the Achieving a Better Life Experience Act (ABLE Act), individuals with disabilities are able to open a tax-free 529A savings account to assist with payment of qualified expenses such as housing, education and transportation.  This savings account can supplement government benefits such as Medicaid, Social Security Income (SSI), and other federal means-tested benefits. 

 

The ABLE Act now gives people with disabilities another option in maximizing benefits and private resources.  It will be important to weigh the pros and cons of ABLE Accounts versus Special Needs Trusts.

 

We have received many questions regarding the ABLE Act, such as (i) Who should open this type of account?, (ii) Who should fund the account?, (iii) What are the benefits? and (iv) Are there any negatives in setting up this account such as Medicaid Pay Back? 


If you would like answers to these questions, please contact the Russo Law Group, P.C. (formerly Vincent J. Russo & Associates, P.C.).  We are also offering complimentary educational workshops on the ABLE Act in your community. If interested, please contact Marissa Kleiner at 516-683-1717. 


When Does Guardianship Become a Necessity?

In New York State there are three different types of guardianships:

  • Guardianship under Mental Hygiene Law Article 81: Applicable to an adult who had capacity during their lifetime but has since experienced cognitive and/or functional limitations.
  • Surrogate’s Court Procedure Act Article 17 Guardianship: Guardianship of a minor, applies to anybody under the age of 18 without a legal guardian.  An Article 17 action assigns guardianship for a child only until they reach the age of majority at 18 years old.  
  • Surrogate’s Court Procedure Act Article 17A Guardianship: Applies to an adult without requisite mental capacity; adults with developmental disabilities, who are mentally retarded, or who have a traumatic brain injury.

Learn More
Tax Deductions and Credits for People with Disabilities and Their Families

If you or your spouse have a disability, or if you care for a dependent with a disability, you may be able to qualify for one or more tax credits and deductions.

More
Senate Passes Special Needs Trust Fairness Act; Focus Shifts to House

The Senate has unanimously approved the Special Needs Trust Fairness Act, a bill that would allow people with disabilities to create their own first-party special needs trusts without having to rely on others.

Details
Transferring Assets Could Create a Long Waiting Period When It Comes Time to Apply for SSI

In most cases, transferring resources out of a Supplemental Security Income (SSI) applicant's name will result in the imposition of a penalty period. Here is how the transfer penalty works.

Read On
Recent Case Spotlights Problem of Excluding People with Special Needs From Gifting Plans

Parents giving gifts to children will sometimes provide nothing to the child with special needs while giving substantial amounts to the child’s siblings. This planning strategy can lead to trouble, as a recent Wisconsin case highlights.

Full Story