Page 37 - Amarillo Senior Link Magazine Winter 2020- Online Magazine
P. 37
(including rent assistance, Administration only
utilities, property taxes, exempts balances below
groceries, etc.) generally $100,000, and the person has
count as income to the a lifetime limit of $370,000.
beneficiary and could Working in tandem, a
affect the beneficiary’s supplemental needs trust
public benefits. However, can make distributions
if a disabled person can directly to an ABLE account
prove his or her disability to help cover some of a
occurred before the age beneficiary’s expenses when
of 26, an authorized legal those distributions might
representative for the otherwise count as income
person can open an account to the beneficiary.
under the Achieving a Better
Life Experience Act (ABLE),
which can pay for “qualified Lee Franks is a Partner
expenses,” including room with Franks & Pleasant
and board. However, the in Lubbock and with
person can have only one his partner, Laura Beth
Pleasant, practices law
ABLE account, and annual in Texas, focusing on
contributions from all the needs of the elderly
sources cannot exceed the and the disabled. More
annual exclusion, currently information can be found
$15,000; the Social Security at www.fplawteam.com
Amarillo Senior Link 37
