ABLE accounts: How to save money for people with disabilities, special needs trusts

What are ABLE accounts? Special needs trust attorney Ellen Cookman talks with "Enable: The Disability Podcast" about 529 ABLE (Achieving a Better Life Experience) accounts, a tax-advantaged savings program for eligible people with disabilities (designated beneficiaries). Distributions are tax-free if used for qualified disability expenses. Cookman, whose son has autism, also spoke about estate planning with a special needs trust, the importance of a durable power of attorney, and how to avoid losing SSI or SSDI benefits if they're working a job. "I think that estate planning and special needs planning is (like learning) a new language. So I just want to encourage everybody to be patient with yourself," Cookman says. "There's a lot to learn. Even though it seems like it's in English, it's not really (laughs)... so definitely equip yourself with knowledge." For more info, visit https://cookmanlaw.com/ or follow @ellencookman-EstatePlanningSNT on YouTube. You can also learn more about ABLE accounts on the IRS website: https://www.irs.gov/government-entities/federal-state-local-governments/able-accounts-tax-benefit-for-people-with-disabilities  “Enable: The Disability Podcast,” which highlights amazing people with disabilities and different abilities, releases new episodes weekly on YouTube and all major podcast platforms. Follow facebook.com/enablepodcast or @enablepodcast on Instagram and TikTok for more. Note: Views expressed in this podcast do not necessarily reflect the views of Advance Local. Learn more about your ad choices. Visit megaphone.fm/adchoices