Over the years, the primary estate planning tool for parents with a special needs child was an Amenities Trust. This trust allows parents to provide an inheritance to their child without impacting their child’s eligibility of certain government benefits.
During the Obama administration, the federal government added another tool for parents with a special needs child called Achieve A Better Life Experience (“ABLE”) Act. An ABLE account is a tax-advantaged account (much like a 529 college savings plan) that helps parents and children save funds for qualified disability expenses.
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If you would like to learn more about estate planning services and special needs planning options, contact an estate planning attorney in Ann Arbor today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.
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