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Financial > Financial Planning
529 College Savings Plans and ABLE Accounts: Transferring Funds
...funds for anything other than qualified education expenses triggered income tax on the earnings plus a 10% penalty. Families with children who had disabilities...bridge. You can now move money from a 529 directly into an ABLE account without tax or penalty, as long as you meet the eligibility rules. Rollover Rules and...
News > Lifestyle
The Challenged Athletes Foundation Just Gave Out $7 Million in Grants. Here's How Families Can Apply.
...applicants need to submit medical documentation explaining how the disability affects daily activities. All applicants must provide proof of income via 2024 tax returns or an SSI/SSDI benefit verification letter from the past two years. The...
Special Needs > General Special Needs
Special Needs Trusts in 2026: What the New Rule Changes Mean for Your Family
...previously ineligible can now open an ABLE account. If your child is between 26 and 45 and became disabled during that window, they can now use ABLE for tax-advantaged savings without affecting SSI or Medicaid eligibility. Change 2: Food Rule Elimination (September 2024). The Social Security Administration...
Parenting > General
ABLE Accounts vs. Special Needs Trusts: Which One Does Your Family Need?
...Better Life Experience, sometimes called a 529A) is a tax-advantaged savings account for people with disabilities....up to $18,000 per year (as of 2024). Money grows tax-free. Withdrawals for qualified disability expenses...Withdrawals for qualified disability expenses come out tax-free. The first $100,000 doesn't count against SSI's...
Legal > Government Benefits
7 Government Benefits Beyond SSI That Support Families Raising Children with Disabilities
SNAP, Medicaid waivers, ABLE accounts, housing vouchers, and tax credits provide support beyond SSI that most families don't know about.
Legal > Government Benefits
SSDI vs SSI for Children with Disabilities: Understanding the Difference and Which One Your Family Qualifies For
...age-18 transition. The Core Difference: Needs-Based vs Work-History-Based. Supplemental Security Income (SSI) is a needs-based program funded by general tax revenue. To qualify, your child must have a disability and your family must meet income and asset limits. Work history doesn't matter. Social Security...
Financial > Government Benefits
SSI vs SSDI: The Complete Guide to Understanding Which Disability Benefit You Qualify For
...program for people with disabilities who have limited income and resources. You don't need a work history to qualify. The program is funded by general tax revenue, not Social Security taxes. Social Security Disability Insurance (SSDI) is an insurance program for people who have worked and paid Social Security...
Financial > Financial Planning
Navigating Types of Special Needs Trusts
...Supplemental Security Income (SSI) and Medicaid eligibility. Will be taxed as if its contents still belonged to the beneficiary — in other words, as what the tax law calls a "grantor" trust. By contrast, a “third-party” types of special needs trust: May pay for food and...
News > Education
Budget Cuts Hurt Special Needs Programs
...that the school boards are denying applications of individuals that would have been accepted in previous years. The Winnipeg School Division approved a tax increase of 7.8 percent, saying the increase is inevitable with increased enrollment. But in order to get this budget balance, the special needs funding...
Financial > Financial Planning
Setting Up a Special Needs Trust Fund
...can save money for future needs or pay for current needs by setting up the trust fund as a checking account. The latter idea is extremely helpful for tax-deductible purposes, as well as a guide to show how you want the money spent when you are gone. Furthermore, many families have family members that...
Legal > Government Benefits
Tax Credits for Families Raising Children with Disabilities
...know that the Child Tax Credit and Earned...and Earned Income Tax Credit include special...highlight them, and tax software doesn't...before you file. Child Tax Credit: No Age Limit...The standard Child Tax Credit requires your...at the end of the tax year. If your child...total disability. For tax year 2026, the Child...year 2026, the Child Tax Credit is worth $2,200...
Financial > Financial Planning
Disability Tax Credits and Deductions: What Families Can Claim
...most families don't budget for. Some of those expenses qualify for federal tax relief. The question isn't whether you deserve the break, but whether you...provisions apply to your situation and what documentation you need before tax season. Here's what families raising children or adults with disabilities...