If the IP’s estate has a lot of money, property, and other assets, you may file a petition with the court to allow you to conduct estate planning on their behalf. An attorney, investment advisor, accountant, or other financial professional may assist you in estate planning. In this situation, the court may authorize you to establish a trust, make certain gifts, disclaim interest in property, and take other actions as the situation requires. x
If the IP has adequate resources and has not made any arrangements for their burial, you may want to establish a burial reserve account. These accounts may be beneficial particularly for those who have larger estates. If the funds are placed in an irrevocable account solely for funeral and burial expenses, they will not be considered as part of their resources for medical assistance purposes. It is advisable to consult with an attorney, funeral director, or other professional regarding any questions about setting up this type of account for the IP as there are certain limitations and rules affecting these types of accounts.
Pennsylvania’s Achieving a Better Life Experience (ABLE) accounts are available to qualifying individuals to allow them to save up to $17,000 per year without affecting their eligibility for state or federal benefits like Social Security. Others can contribute on behalf of the qualifying individual as well. Withdrawals, including interest earned, are tax exempt if used for qualifying expenses related to the individual’s disability, such as housing or health expenses.
To qualify for a PA ABLE account, the individual’s qualifying disability must have been diagnosed prior to their 26th birthday. If a PA ABLE account seems like it may be a good option for the IP, you can find more information at paable.gov or by calling (885)529-ABLE (2253).
The Pennsylvania Property Tax or Rent Rebate program offers qualified individuals a rebate on property tax or rent paid in the prior year. To qualify, an individual must be one of the following:
Also, the individual must be income qualified. Half of one's Social Security benefits are not counted as income for purposes of this program. The income eligibility is as follows: