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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Family Law

Date & Time
  • event Date

    Thursday, January 14, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

$197.00

This course is $0 with these passes:

CLE
ALL

This CLE course will offer elder law attorneys guidance on navigating the new IRS final regulations' intricacies for ABLE accounts. The panel will discuss key provisions of the new regulations, one account rule, disability recertification, tax issues, critical planning tools, and the interplay with other planning strategies.

Faculty

Nora Gieg Chatha
Member
Tucker Arensberg, P.C.

Ms. Chatha represents individuals, fiduciaries and healthcare providers in all areas of estate planning and wealth preservation, with a focus on fiduciary compliance, special needs, public benefits and long-term care related issues.

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Mercy Hall
Principal
Hall Law Firm, PC

Ms. Hall represents clients in special needs planning, conservatorship, settlement planning, probate, and estate planning matters.

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Elizabeth Phillips
Managing Partner
Hackman & Phillips Elder Law RI, LLC

Ms. Phillips' practice is focused on estate planning, special needs planning, Medicaid planning, probate administration, guardianships, and consumer bankruptcy law. She enjoys collaborating with other professionals in the financial, mortgage and real estate, social work, and geriatric care industries to help devise comprehensive and well-rounded plans for her clients and their families.

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Description

ABLE accounts have provided critical planning tools for families who need to provide for the care and well being of aging or disabled family members. However, the implementation of ABLE account programs at the state level exposed several limitations that the 2017 tax reform law corrects. Now, recent final regulations provide additional clarity and guidance that significantly impact ABLE accounts and planning considerations.

ABLE accounts are tax-favored savings accounts set up under state ABLE programs allowing eligible individuals to make contributions to meet qualified disability expenses. On Oct. 2, 2020, the IRS issued final regulations guiding eligible individuals who are the owners and designated beneficiaries of ABLE accounts on various issues involving the requirements of Section 529A.

The final regulations explain the requirements a state ABLE program must satisfy to be considered a "qualified ABLE program" under Section 529A. They also outline recordkeeping and reporting, requirements for establishing an ABLE account, qualifications for eligible individuals and beneficiaries, and contribution limitations.

Elder law attorneys must understand the nuances and implications of ABLE accounts under current tax law in light of the final regulations to ensure that clients' goals are met and the use of ABLE accounts cooperates with special needs trusts to bolster care planning strategies.

Listen as our panel of experienced practitioners discusses the final regulations for ABLE accounts and the interplay with special needs trusts, as well as how elder law attorneys can employ critical changes in these tools' tax treatment to offer strategic guidance to clients.

Outline

  1. Overview of ABLE accounts
    1. Criteria for enrollment and contributions
    2. Benefits
    3. Limitations
  2. Impact of IRS final regulations
  3. Interplay with special needs trusts
    1. Self-settled
    2. Third party
    3. Benefits
    4. Limitations

Benefits

The panel will review these and other noteworthy issues:

  • How have IRS final regulations changed the treatment of contributions to ABLE accounts and special needs trusts?
  • What advantages are there for beneficiaries wanting to contribute income/earnings to special needs trusts and ABLE accounts?
  • How can families of aging and disabled clients ensure that the maximum benefit is derived from these planning tools?