New ABLE Account Final Regulations: Eligibility, One Account Rule, Disability Recertification, Limitations, and More

A live 90-minute CLE video webinar with interactive Q&A


Thursday, January 14, 2021

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, December 18, 2020

or call 1-800-926-7926

This CLE webinar will offer elder law attorneys guidance on navigating the new IRS final regulations' intricacies for ABLE accounts. The panel will discuss key provisions of the new regulations, one account rule, disability recertification, tax issues, critical planning tools, and the interplay with other planning strategies.

Description

ABLE accounts have provided critical planning tools for families who need to provide for the care and well being of aging or disabled family members. However, the implementation of ABLE account programs at the state level exposed several limitations that the 2017 tax reform law corrects. Now, recent final regulations provide additional clarity and guidance that significantly impact ABLE accounts and planning considerations.

ABLE accounts are tax-favored savings accounts set up under state ABLE programs allowing eligible individuals to make contributions to meet qualified disability expenses. On Oct. 2, 2020, the IRS issued final regulations guiding eligible individuals who are the owners and designated beneficiaries of ABLE accounts on various issues involving the requirements of Section 529A.

The final regulations explain the requirements a state ABLE program must satisfy to be considered a "qualified ABLE program" under Section 529A. They also outline recordkeeping and reporting, requirements for establishing an ABLE account, qualifications for eligible individuals and beneficiaries, and contribution limitations.

Elder law attorneys must understand the nuances and implications of ABLE accounts under current tax law in light of the final regulations to ensure that clients' goals are met and the use of ABLE accounts cooperates with special needs trusts to bolster care planning strategies.

Listen as our panel of experienced practitioners discusses the final regulations for ABLE accounts and the interplay with special needs trusts, as well as how elder law attorneys can employ critical changes in these tools' tax treatment to offer strategic guidance to clients.

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Outline

  1. Overview of ABLE accounts
    1. Criteria for enrollment and contributions
    2. Benefits
    3. Limitations
  2. Impact of IRS final regulations
  3. Interplay with special needs trusts
    1. Self-settled
    2. Third party
    3. Benefits
    4. Limitations

Benefits

The panel will review these and other noteworthy issues:

  • How have IRS final regulations changed the treatment of contributions to ABLE accounts and special needs trusts?
  • What advantages are there for beneficiaries wanting to contribute income/earnings to special needs trusts and ABLE accounts?
  • How can families of aging and disabled clients ensure that the maximum benefit is derived from these planning tools?

Faculty

Chatha, Nora
Nora Gieg Chatha

Member
Tucker Arensberg

Ms. Chatha represents individuals, fiduciaries and healthcare providers in all areas of estate planning and wealth...  |  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

Phillips, Elizabeth
Elizabeth Phillips

Attorney
Hackman & Phillips Elder Law RI

Ms. Phillips' practice is focused on estate planning, special needs planning, Medicaid planning, probate...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

48 hours after event

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DVD

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