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Legal Updates

Special Needs Planning - 2018 January Legal Update


Special Needs News is an e-newsletter that brings you reports of legal developments and other trends of vital interest to those with special needs and their advocates. This newsletter is brought to you by Dana Perry and the other members of the Special Needs Planning Practice Group of Chambliss Law Firm.

Chambliss Law Firm Monthly Editorial

Special Needs Planning Benefits from Recent Tax Reform
by Peter Harrison, Special Needs Planning Attorney

If you have paid attention to the news, you have heard there has been quite the shake-up in the tax code. Did you know there were several changes that will have a significant impact on special needs planning?
One of the biggest changes in the special needs arena is the authorization to roll over a 529 plan to an ABLE account. Prior to this law, if a child was the beneficiary of a 529 plan and became disabled, the 529 plan could not help pay for disability expenses. Now, the 529 plan owners (e.g. the parents) can make a rollover contribution each year to the child's ABLE account to help pay for those disability expenses.
The new tax law also increased the contribution limits to ABLE accounts. Under previous law, the contribution limit to an ABLE account from all sources was tied to the annual gift tax exclusion amount ($14,000 for 2017). Now, in addition to the annual exclusion amount being raised to $15,000, ABLE account beneficiaries can add additional funds up to the lesser of their compensation for the year or the federal poverty limit (currently $12,060). [Click to read the full article.]

Rather Than Ending Medical Expense Deduction, Final Tax Bill Expands It

Among the changes in the Tax Cuts and Jobs Act, signed by President Trump on December 22, is a provision that could provide some temporary relief for families with high medical expenses. Read more ->

How Does Workers' Comp Affect SSDI Benefits?

Some people with disabilities may be eligible for both Social Security Disability Insurance (SSDI) and workers’ compensation benefits.  But there's a limit on how much a worker can receive. Read more ->

Low-Income Housing for People with Disabilities

Most government housing programs specifically geared toward people with disabilities are at the state and local, rather than federal, level, but there is the Section 811 program. Read more ->