Able Update 4-16

The ABLE account story is lingering on and on.  

Many states have enacted the legislation for ABLE accounts including NY and CT and the federal legislation is in place too.  However, as of 4-16 no state has the account operational so you can't open one.

In addition, Congress changed the rule in 12-15 so now you do not have to open an ABLE account in your own state..you can use any state.  As a result, some states may not offer them or might create joint accounts with other states.  

In the meantime, most people will use a pooled trust or special needs trust.

Elder, Wills, Estates, Trusts, Special Needs Tax & Business Law; Attorney John Sweeney

Sweeney Legal, LLC, provides legal, practical, and business counsel to Seniors, families, and businesses in the Fairfield, Connecticut area, including the communities of Bridgeport, Bethel, Brookfield, Danbury, Darien, Easton, Fairfield, New Canaan, Newtown, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport and Wilton. John is also licensed in New York serving Westchester County including the towns of Bedford, Lewisboro, Mount Kisco, North Salem, Pound Ridge, and Somers.

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