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What to Know About Trusts & ABLE Accounts - YouTube
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(fun upbeat music)
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- It is important to
plan for how you will pay
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for the things you need in the future.
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If you are using or may some
day use government benefits,
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you should think about
using a special needs trust
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or an ABLE account.
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Special needs trusts and ABLE accounts
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are tools that you and your family can use
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to save money and to
pay for things you need
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without endangering any
public benefits you get
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like SSI and Medicaid.
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You can use either a
trust or an ABLE account
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or you can use both.
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Special need trusts are accounts that you
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or your family members can set up
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to purchase items that are not
covered by SSI or Medicaid.
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Money in special needs trusts
can pay for medical care,
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service animals, assistive
technology devices,
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phones, computers,
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trips and activities, and car insurance.
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Paying for these expenses will not impact
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any money you get from the government.
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If you use a special needs trust
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to pay for basic living
expenses like food and rent,
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then any money you get
from SSI will be reduced.
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Trusts can be set up by an attorney
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working with you or your family members,
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or you can get an account
with a pooled trust.
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If you and your family
decide to set up a trust,
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it's important to find someone you trust
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to manage the money
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and pay for the things you need out of it.
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This person should know
about state and federal laws,
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trust and tax laws,
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and the benefits you receive.
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These laws talk about certain rules
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you, your family, and
your trust have to follow
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to make sure that your money
is spent on things you need
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and doesn't endanger the
benefits you receive.
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Pooled special needs trusts
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are run by nonprofit organizations
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including some chapters of The Arc.
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These organizations manage the funds
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and use the money to
pay for things a person
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with intellectual and
developmental disabilities needs.
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ABLE accounts are savings accounts
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that help people with disabilities
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save money for
disability-related expenses.
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These accounts are available for people
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who had a disability before they turned 26
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and can provide proof of
a disability diagnosis.
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There are many specific
rules for these accounts.
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You can only have one account.
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You can only put so much money
in the account each year.
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If you have more than
$100,000 in the account,
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any money you get from
SSI will be suspended
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until the balance of
the account goes down.
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The money in these accounts can be spent
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for important things you need
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including education,
housing, transportation,
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employment training, personal care,
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financial management,
basic living expenses,
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and legal expenses.
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If you and your family decide
to set up an ABLE account,
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then make sure you either know
how to manage your account
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or find someone you trust to
help you manage the account
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and pay for things you
need from the account.
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You or the person helping you
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should know the rules
about the ABLE account
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and your benefits.
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Contact the Center for Future Planning
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to find out more information
about ABLE accounts.
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Let's learn how others have
used a trust or ABLE account
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in their lives.
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- I have a trust that's setup
with The Arc of Indiana.
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I set the trust up so
that it can help me pay
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for my transportation
to get to and from work
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and then I also set it up
to help me with my bills
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that I had when I had an apartment.
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I go to the staff of The Arc of Indiana
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that run the master trust
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and then I let them know
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what I'm needing and how much I'm needing
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and what I need it for
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and then they let me know
if I have enough in there
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to do what I'm asking for.
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- Choose a trustee that you
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really trust, that you have a
really good relationship with
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and have for a long time
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and that you will for
the rest of your life
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or the rest of their life.
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- Special needs trusts and ABLE accounts
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can help you pay for things
you need in the future.
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Find a person or a professional you trust
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to help you establish a
trust and/or an ABLE account,
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manage the accounts,
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make sure the accounts
comply with the rules
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so that they don't impact
the benefits you receive,
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and help you get things you need.
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(upbeat fun music)
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