Category: Special Needs Planning

Seniors and Adults with Special Needs Who Are Claimed as Dependents Will Not Get Coronavirus Relief Payment

Not everyone will get the stimulus payment the federal government is sending to help Americans through the economic hard times triggered by the coronavirus pandemic. Among those left out are seniors and adults with special needs who are claimed as dependents. The Coronavirus Aid, Relief, and Economic Security (CARES) Act included one-time payments of up […]

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Supplemental Security Income Recipients Can Ensure Receipt of Stimulus Payment by Submitting Information through Online Portal

The CARES Act will pay a one-time direct payment to most individuals whose income is under a certain income threshold. Most eligible U.S. taxpayers will automatically receive their stimulus payment including: Individuals who filed a federal income tax for 2018 or 2019 Individuals who receive Social Security retirement, disability (SSDI), or survivor benefits Individuals who […]

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You Can Give Away More Tax Free in 2018, Contribution Limit to ABLE Accounts Will Increase Also

After staying the same for five years, the amount you can give away to any one individual in a particular year without reporting the gift will increase in 2018. The annual gift tax exclusion for 2018 is rising from $14,000 to $15,000. This means that any person who gives away $15,000 or less to any one individual […]

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Indiana ABLE Program Open for Enrollment

In March of 2016, we reported that then Indiana Governor Mike Pence signed a bill making the “Achieving a Better Life Experience” (known as the ABLE Act) law in Indiana.  We are excited to report that Indiana’s ABLE program, INvestABLE Indiana, is now officially open for enrollment in Indiana. Congress passed the ABLE Act in […]

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An Explanation of the Achieving Better Life Experience (ABLE) Act

Monday (March 21) was a long awaited landmark day for thousands of Indiana residents who are challenged by disabilities. Indiana Governor Mike Pence signed a bill making the “Achieving a Better Life Experience” (known as the ABLE Act) a law in our state. The ABLE act allows Hoosiers to provide for family members and others […]

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The Achieving Better Life Experience (ABLE) Act

In late December 2014, Congress passed The Achieving Better Life Experience (ABLE) Act. The ABLE Act allows people with disabilities to set aside up to $14,000 a year in tax-free savings accounts without affecting their eligibility for government benefits. The purpose of an ABLE account is to use such funds to supplement an individual’s public […]

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