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Finally ABLE to Save: A New Savings Tool for People with Disabilities
Finally ABLE to Save: A New Savings Tool for People with Disabilities
The ABLE Account is available in several states currently and is due to be offered in Massachusetts next month. Here are a few resources to help you learn about the ABLE account and whether it is right for you or your family member with a disability.
To learn about the basics of the ABLE account, click here to read ABLE Accounts: Ten Things You Need to Know.
Click here for a chart, provided by the National Down Syndrome Society comparing elements of all of the currently operable ABLE programs in the U.S., along with their contact information.
Stay tuned to our blog; over the next few weeks we will feature wealth accumulation planning strategies including:
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When the child turns 18, transferring money to an ABLE account can help avoid the spend-down process - reducing savings beneath the $2,000 threshold.
Gainfully employed persons with a disability may open an account to save their own money.
An ABLE account may be used to address the issue of staying below $2000 in a Representative Payee Account.
There are potential planning strategies around allowing distributions for housing related expenses. Currently, special needs trusts do not permit distributions for housing; only supplemental expenses.
* We borrowed your great title! The title Finally ABLE to Save: A New Savings Tool for People with Disabilities is from a presentation by Heather Sachs, JD, Vice President of Advocacy & Public Policy, National Down Syndrome Society. Thanks, Heather!
