Effective Use of ABLE Accounts – Key Points…
- There are two types of special needs trusts: first-party and third-party. Neither can be used to pay for certain basic expenses covered by government programs.
- ABLE accounts can be funded to help cover basic needs not paid for by government aid.
- A major benefit of an ABLE account is that it allows the individual to accumulate more than $2,000 without jeopardizing means-tested benefits.