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Showing posts from May, 2017

May is National Elder Law Month

In 1963, President John F. Kennedy first proclaimed May as the month to honor Americans who are 65 and older.  The National Academy of Elder Law Attorneys supports this proclamation, declaring May to be National Elder Law Month.
Today, over 10,000 Americans turn 65 every day.  Older individuals often have unique and special needs that require legal attention.  Elder lawyers have the knowledge and expertise to deal with these important legal issues, and are dedicated to meeting the needs of our older citizens. 
The list of issues in which elder lawyers can be of service is a long one.  It includes wills and estate planning, drafting financial and medical powers of attorney in the event of incapacity, Medicare and Medicaid planning, issues surrounding long-term care, guardianships and probate, and elder abuse and exploitation, just to name a few. 

Whatever the issue, an elder law attorney can help deal with the challenging legal problems often associated with aging.

ABLE Accounts

ABLE Accounts are tax-advantaged savings accounts for individuals with disabilities and their families. ABLE accounts were created by federal legislation passed in 2014 (“the ABLE Act”), which recognized the fact that millions of individuals with disabilities rely on public assistance such as SSI and Medicaid for their living expenses, housing, and health care. Eligibility for these public benefits has a strict means test — no more than $2,000 in savings and other assets. Recognizing that the living costs for disabled individuals are often significantly higher than normal, the ABLE Act provides that special ABLE savings accounts can be established by the individuals and their families without jeopardizing eligibility for public assistance. 
The ABLE Act limits eligibility to individuals whose disability had its onset before reaching 26 years of age. Annual total contributions made on behalf of any individual are limited to $14,000 at present. 
ABLE accounts are to be administered by th…