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Navigating Tax Challenges of ABLE Accounts and Special Needs Trusts: Guidance for Elder Law Attorneys

Note: CPE credit is not offered on this program

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Wednesday, September 21, 2022

Recorded event now available

or call 1-800-926-7926

This CLE course will offer estate planning, special needs planning and elder law attorneys guidance on navigating the intricacies of ABLE accounts and special needs trusts under the current tax law. Our panel will review the impact of current tax law on the taxation of these critical planning tools, techniques for avoiding pitfalls in utilizing these planning tools, and their interplay with other planning strategies.

Description

Since their introduction in 2014, ABLE (or 529A) accounts have been key for families to provide for the care and well-being of aging or disabled family members. In addition, the 2017 tax reform law has made ABLE accounts even more powerful and useful for the elderly and disabled.

One of the more notable issues is the 2017 tax law's treatment of 529 account contributions--allowing for rollover of those contributions into ABLE accounts in amounts up to the gift tax exclusion.

In addition, under current tax law, ABLE account beneficiaries can contribute their earnings to their accounts over and above any contributions by friends and family members.

One should note that the IRS does not provide much guidance on how ABLE accounts can interact with special needs trusts to bolster care planning strategies for the same beneficiary, yet understanding the benefits and limitations on each tool is key to maximizing the benefits for the beneficiary.

Listen as our panel of experienced practitioners discusses key tax issues for ABLE accounts and special needs trusts and how elder law attorneys can employ critical changes in the tax treatment of these tools to offer strategic guidance to clients navigating planning issues for aging and disabled clients.

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Outline

  1. Overview of ABLE accounts
    1. Criteria for enrollment and contributions
    2. Benefits
    3. Limitations
  2. Overview of special needs trusts
    1. Self-settled
    2. Third party
    3. Benefits
    4. Limitations
  3. The interplay between ABLE accounts and special needs trusts

Benefits

The panel will review these and other noteworthy issues:

  • How are contributions to ABLE accounts and special needs trusts treated under current tax law?
  • What advantages are there for beneficiaries wanting to contribute income/earnings to special needs trusts and ABLE accounts?
  • What steps can families of aging and disabled clients take to ensure that the maximum benefit is derived from these planning tools?

Faculty

Cookman, Ellen
Ellen Cookman
Founder
Cookman Law

Ms. Cookman is a Certified Specialist in Estate Planning, Trust & Probate Law from the California State Bar Board...  |  Read More

Greenberg, Michael
Michael J. Greenberg
Founder
Michael J. Greenberg P.C.

Mr. Greenberg's practice includes estate planning for high net worth individuals and families, estate and trust...  |  Read More

Hall, Mercy
Mercy Hall
Principal
Hall Law Firm

Ms. Hall represents clients in special needs planning, conservatorship, settlement planning, probate, and estate...  |  Read More

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