The ABLE Act is a positive step in the direction of assisting families in financially planning for their loved one with special needs. The ABLE Act allows for the establishing of a tax-free savings account under section 529 of the Internal Revenue Code (similar to the college savings accounts). A person may contribute up to $14,000 per year to the ABLE account. The savings account does have a $100,000 cap and generally will NOT affect SSI and Medicaid benefits. Please contact me for more information about this and setting up Special Needs Trusts for your child with a disability.
The ABLE Act (this is federal legislation and applies to all 50 states) was signed into law by President Obama in December, 2014. New York State’s version will now go before New York Governor Cuomo for his consideration. On Friday, June 19, 2015, the ABLE Act passed the New York State Assembly and New York Senate. A.7767B (same as S.4472D). The measure will now be delivered to the Governor for consideration. The IRS also issued proposed regulations on June 19th which will be in the June 22nd Federal Register.
Tracey occupies a unique and crucially important niche as an advocate for special needs students and their families. She brings a level of compassion to her clients that allows them to more clearly understand their rights and options in the midst of difficult circumstances. Tracey and her firm were able to advocate for our son and get him the services he needed and also get the NYC Department of Education to take on the financial obligation they would have otherwise pushed onto us. An expert in navigating the bureaucratic morass and keeping our case on track.
At every level, all of our communications were professional, reassuring and there was never any doubt that the needs of our son came first.
Our family has been Tracey Walsh’s client for several years. Having worked with other attorneys on various matters, we continually find working with Ms. Walsh a little surprising. We would expect her to know the law, to understand the procedure, to think logically, and to articulate our position, and she does. However, she is not only capable but caring. If we really need to talk to her, she always (and I mean always) finds a way. If we email her without expecting her to respond until the next week, she responds on the same day. Despite her many responsibilities, she never seems simply to try to get our case off her desk. Instead, she takes the time to think the matter through with our interests in mind and to find the best solution for us, even if that solution requires original thinking. Anyone would be fortunate to work with her.