Special Needs Trust Distribution To Able Account
Description
How to fill out Trust Agreement - Family Special Needs?
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FAQ
Anyone may contribute to a beneficiary's account, but only cash assets may be placed in an ABLE account. A special needs trust, on the other hand, may hold non-cash assets such as land or stock. ABLE account contributions are limited to a maximum annual contribution equal to the annual gift tax exclusion.
That limit for all contributions into an ABLE account, including account owner contributions, is $17,000 for 2023. (Note: a working beneficiary may have a higher contribution limit).
Any Person Can Make Contributions: Any person can contribute to an ABLE account. (?Person,? as defined by the Internal Revenue Code, includes an individual, trust, estate, partnership, association, company, or corporation.)
If an inheritance or settlement is deposited directly into an ABLE account, it would not count as a resource. Worker's compensation settlements are subject to SSDI and SSI income rules.
Yes. Account owners can roll over 529 College and Career Savings accounts to ABLE plans, up to the ABLE annual contribution limit (currently $17,000).