In this video, I talk about ABLE Accounts vs Special Needs Trusts so that you know when to use each, why to use them, and how they work together. I compare the two by showing you who can benefit, who can fund, how many accounts and trusts a person can have, who controls it, and who inherits it when the person with the beneficiary dies. I also answer questions for each about how much you can fund in a year, caps for the accounts, how the income is taxed, and what types of distributions can be made. Finally, I discuss gift taxes and preserving SSI Benefits, and also discuss who should be setting up ABLE accounts and Special Needs Trusts for you.

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Time Stamps

00:00 Introduction
0:43 Third Party Special Needs Trust
1:22 ABLE account – 529A Plan
3:43 ABLE account vs Special Needs Trust Comparison Chart
8:03 Gift Taxes
9:36 SSI Benefits
11:44 Who should set up these accounts

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