FEATURE ARTICLE – “Special Needs Planning: 2018 Tax Changes to ABLE Accounts” by Rebecca A. Hobbs, Esquire.
OWM FIRM NEWS & UPCOMING EVENTS – Thomas (“Tip”) P. McCabe, Esq., David A. Megay, Esq., and Rebecca A. Hobbs, Esq. have upcoming information sessions.
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On December 22, 2017, new tax legislation was signed into law by President Trump. The new tax law impacts ABLE (Achieving a Better Life Experience) plan accounts for the 2018 tax year. Modeled after 529 college savings accounts, ABLE accounts allow individuals with qualifying disabilities and their families to save for a wide range of disability-related expenses. The federal tax-free savings and investment options are offered to encourage individuals with a disability and their families to save private funds to support health, independence and quality of life. The annual contribution limit for an ABLE account for 2018 is $15,000. The contributions and the tax-free growth of the contributions may be used by individuals with a disability for “disability related expenses” without interfering with the individual’s eligibility for public benefits such as SSI and Medicaid. …
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‘Tis the season for eggnog, champagne, mulled wine and Driving Under the Influence. The holiday season is the time of merriment, joy and sometimes unwanted stress. When traveling the roads of Chester County and Montgomery County, please be sure that you are not getting behind the wheel under the influence of alcohol or a controlled substance. Many people travel long distances on unfamiliar roads to visit friends and family members that they have not seen in a while and partake in a libation or two or five in the tradition of old Fezziwig from A Christmas Carol. But unlike the horse and buggy days where the horse can get you home no matter how inebriated you might be, when operating a vehicle, you should have nothing in your system. State and local police will be on extra patrols and on the lookout for the potential inebriated driver. It is very important that if you consume alcohol in any vast quantities, that you do not get behind the wheel of a car as you are putting yourself and others in great danger – as well as opening yourself up to the possibility of being charged with driving under the influence of alcohol or a controlled substance.
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The holiday season will soon be here! Under the best of circumstances, parents may have conflicting work schedules and other complications during the holidays, but it becomes even more difficult when you have two – or more – families who have to coordinate holiday celebrations.
Here are a few points to keep in mind when planning for custody over the holidays:
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