Parents’ concern for the unknown future of their children can be addressed with proper estate planning. Contact me at (713) 462-1777 or click here to schedule an appointment for estate planning services that include:
Last Will and Testament –
If you are interested, download this Will Packet and email the completed form to me.
Revocable Living Trust and Irrevocable Living Trust
Special Needs Trusts (1st Party and 3rd Party)
Durable Power of Attorney
Medical Power of Attorney
Another planning option for families with children with disabilities are 529A Accounts – Congress passed the federal ABLE legislation and President Obama signed the ABLE Act into law December 2014. Governor Perry passed the Texas version of the ABLE Act, S.B. 1664, in June 2015.
The goal of the ABLE Act is to allow for families and individuals to save money to support individuals with disabilities to maintain their health, their independence, and their quality of life.
The rules for an ABLE account include:
• one account per each eligible individual
• anyone can contribute
• up to $14,000.00 can be contributed each year
• expenses include housing*, legal fees, education, health, prevention and wellness, financial management and administrative services, transportation, and funeral and burial expenses
*If the beneficiary of the ABLE account receives Supplemental Security Income (SSI), then speak to an attorney prior to spending ABLE account funds on housing.
One note of caution to ABLE account contributors is the payback provision. The Texas Medicaid agency is authorized to seek reimbursement for services provided to the beneficiary, as far back as the inception of the ABLE account. The beneficiary’s heirs can receive the remaining funds.
Currently, the Texas Prepaid Higher Education Tuition Board is charged with administering the program when it becomes open for enrollment.