Age of disability for ABLE accounts will increase from 26 to 46. Unused 529 accounts can be rolled into a Roth IRA. Q. I have two children. One is an adult child with an autism spectrum disorder (ASD), and another is a lot younger and is neurotypical. We are considering setting them both up with […]
New Virginia Law Removes Age Cap on Autism Coverage
Dear Magic, Our daughter, Rachael, has Autism Spectrum Disorder (ASD). Since she was a toddler, we have been taking her for every early intervention therapy there is, including Applied Behavioral Analysis (ABA), speech, and occupational therapy. We are thankful that these are mostly covered by insurance, or we’d likely be broke. Rachael is in middle […]
Division One Cheerleader at Mason is Breaking Barriers
Ann Catherine Heigl, a 19-year-old with Down syndrome, graduated from high school and became a student of George Mason University, through their LIFE program, a full-time college program for intellectually and developmentally disabled students. It’s one of only a few full-time college programs for people with special needs. Not only is Ann Catherine an engaging […]
Imagine Paying College Tuition for the Rest of Your Life . . .
Q. I recently read an article in CNBC that’s states that, “It can take millions to care for your special needs child.” The article describes how one family needed $3 million to cover the cost of lifetime care for their 23-year-old son who has autism. We have a son with autism who is currently 7. […]
Building a Life Care Plan for a Special Needs Loved One
Dear Magic, Our daughter has special needs. We have money set aside for her in a special needs trust and we have an ABLE account set up. We want to do more to plan for her future. I heard about something called a Life Care Plan. What is it and what are all the things […]
How is the Virginia ABLE Act Affected by the Tax Overhaul?
Q. My sister Sophie is intellectually disabled, but has a knack for baking. She recently enrolled in cooking school to work towards her dream of becoming a pastry chef. My family has been assisting Sophie with her educational expenses by contributing to an ABLE account for her, because it doesn’t affect any other government benefits […]
An ABLE Account for a Loved One with a Disability
Dear Angel, I have an intellectually disabled daughter, and I’ve seen a lot of information this month from the ABLE National Resource Center through their #ABLEtoSave campaign. I understand that it’s state run, and that Virginia was among the first states to participate. Can you tell me more about the ABLE Act in Virginia and […]
ABLEnow is Open for Enrollment in Virginia
Millions of individuals with disabilities and their families depend on a wide variety of public benefits for income, health care, food, and housing assistance. Many of these benefits require meeting a means or resource test that limits the eligibility of individuals who report more than $2,000 in cash savings, retirement funds, and other items of […]
Setting up an ABLE Account and New Legislation
Q. Our son, Isaiah, has high-functioning Autism Spectrum Disorder, and we are thrilled to say that he was recently accepted into trade school. I heard from a friend at work about the ABLE Act. I don’t know much about it, but I’ve heard it may be something that can help my son with his education […]
Seniors Should Be Thankful For This. . .
This week, we celebrate Thanksgiving, making it an ideal time to give thanks and reflect on the positive things that have happened over the past year. Below are twelve of our blog articles from 2015 that make us and many of our clients thankful (chronologically listed from newest to oldest): Amazing new technology helps seniors […]
How Can The ABLE Act Help My Special Needs Daughter?
Dear Baxter, My daughter has intellectual disabilities. I read in one of your newsletters that Virginia was the first state to enact the ABLE Act. I don’t know much about it, but it may be something that can help my daughter with her education expenses, without jeopardizing her benefits. Can you explain more? Also, who […]
Virginia Becomes First State to Approve ABLE Act
Virginia Governor Terry McAuliffe Signs ABLE Act into Law (Source: NBC 29) Q. Our son, Jeff, has autism spectrum disorder and will likely need assistance throughout his lifetime. We are looking for ways to save for his future without jeopardizing his eligibility for Social Security and other government programs. I read about the ABLE act, and how […]
A New Act to Help Special Needs Families
Q. My 9-year-old daughter, Noelle, is intellectually disabled. The costs for her therapy and assistive technology are quite high, and we are in the process of applying for government assistance (SSI). Despite our struggles to make ends meet, her grandparents and my husband and I would like to save as much as we can […]