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LAWYERLISA

Real Estate Law. Estate Planning. Simplified.

LawyerLisa, LLC focuses on Real Estate Closings, Estate Planning, Probate Litigation, and Elder Law.  Our firm is here to provide clients with comprehensive solutions in a comfortable environment.  Let our experience lead you to the solutions you seek.

Filtering by Tag: Supplemental Needs Trust

ABLE Accounts: IRS lessens burden; waiting for SC to pass bill

The Internal Revenue Service recently announced less stringent federal rules for new accounts that  allow people with disabilities to save money without jeopardizing their government benefits. Earlier this year, the IRS established how the Achieving a Better Life Experience (ABLE) Act accounts would operate. After push-back from disability advocates that the proposed requirements would be too burdensome, the IRS is issuing final regulations with less stringent reporting requirements. Specifically, individuals opening ABLE accounts will not need to submit medical documentation, but will have to certify under penalty of perjury that they have a qualifying diagnosis.

South Carolina has a bill pending to be reconsidered during this legislative session to establish the South Carolina Able Savings Program to allow individuals with a disability and their families to save private funds to support the disabled individual.  The Act allows private funds to be used for disability-related expenses in a way that supplements, but does not supplant, benefits the person is already receiving through insurance, Medicaid, SSI or other sources.

Please contact LawyerLisa for information on disability planning, special or supplemental needs trusts or guardianship and conservatorship actions at 803-563-5163.

For more information, visit the State Treasurer's page: http://www.treasurer.sc.gov/citizens/sc-able/

The text of the bill is available at: http://www.scstatehouse.gov/sess121_2015-2016/bills/3768.htm

 

Special Needs Trust: Do you need one?

Are you caring for someone with special needs?  If you pass away before that person, what will happen to them?  Who will provide for their care?  How will they be taken care of?  Is your loved one on Medicaid?  Are you leaving them an inheritance?  If a person receiving Medicaid benefits is left assets that push them over the Medicaid threshold, they will be "kicked off" Medicaid.  This can cause serious issues for someone who needs the benefits provided by Medicaid.  These unintended consequences can be avoided by setting up a Supplemental Needs Trust, also commonly referred to as a Special Needs Trust, for your loved one.  By leaving an inheritance to someone in this statutory trust, your loved one can still qualify for important government benefits.  Medicaid planning is a complicated subject.  Be sure to visit an attorney who is experienced in this particular type of planning when you update your estate planning documents.

LawyerLisa, LLC 3202 Fernandina Road Columbia, SC 29210 Phone: 803.563.5163

LawyerLisa, LLC 5175 Sunset Boulevard Ste 1 Lexington, SC 29072 Phone: 803.832.1068

LawyerLisa, LLC 100 Williams Street Greenville, SC 29601 Phone: 864.990.0347

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