A question that I am receiving a lot, “Do I still need to do a Special Needs Trust?”, and generally speaking the answer is yes. ABLE Accounts will replace certain small what are called D4a or self-settled trusts. You know, if we have a grandma that accidently left $20,000 to Johnny, and Johnny was eligible to have an ABLE Account. We can take $14,000 of that $20,000 and put it into the ABLE Account and spend the other $4,000 on a really nice HD TV at Best Buy perhaps or either a PS whatever number they’re on and whatever all these fancy games are. There will be use for it, we will be able to do some things with it. Now, this is kind of in the column of possible unintended consequences, there are these things called community trusts or pooled trusts. Georgia now has 2 of them, Georgia has the Georgia Community Trust that’s been around a long time and they do a fantastic job and then there is also the new I believe that ARC has set up a community trust here in Georgia. Now, the typical account value at a community trust is somewhere in the neighborhood of $40,000 and it acts like a special needs trust. In fact it is a special needs trust. Some of these accounts that now are kind of on that smaller side, instead of opting for the Georgia Community Trust, families will opt for an ABLE Account. Probably will be a little less expensive than going with the Georgia Community Trust and might give the family more control over how the funds are used. But with the various contribution restrictions, the $14,000 annual restriction, the loss of SSI at $100,000, and the total cap of $235,000 here in Georgia makes these ABLE Accounts useless when it comes to long term planning, as far as estate planning is concerned. They’re more functional when we’re trying to solve kinda the more smaller problem where somebody received money and we didn’t want them to receive that. What can a Special Needs Trust do that an ABLE Account can not do? There is no annual contribution limit on a Special Needs Trust, there is no $100,000 cap on a Special Needs Trust, there is no lifetime cap on a Special Needs Trust. For Third Party Settled Special Needs Trusts, there is no payback requirement; this is a big distinction that I want to point out. If grandma puts money in an ABLE Account, that’s third party money being converted to first party money, first party money is subject to payback, third party money is not. If grandma put that same gift into a Third Party Settled Special Needs Trust, it can be used for a wider array of expenses and not be subject to payback. Where as if grandma puts that money in an ABLE Account, then it can only be used for the specified expenses that the account allows for, which is part of what we don’t know yet the disability related expenses, and it subjects that money to payback. Special Needs Trusts can receive inheritances, can be the beneficiary of life insurance / retirement accounts, can be the beneficiary of your will or your Revocable Living Trust. So, essentially, ABLE Accounts do not replace the need for Special Needs Trusts.