Find out at The ABLE National Resource Center
The ABLE National Resource Center (ANRC) is a collaborative effort whose supporters share the goal of accelerating the design and availability of ABLE accounts for the benefit of individuals with disabilities and their families. Keeping you up to date State by State.
[1]
Do you know about the able advantage?
What is the ABLE Advantage- Just like a college or health savings account, people with disabilities can now fund essential expenses with tax-advantaged savings. The ABLE program, made possible by the passing of the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act.
(source: www.ablenrc.org [2])
ABLE Account Quick facts supplied by ABLE United. Florida is among the first states to Activate a Qualified ABLE program. ABLE United Recently Launched New Tax-Free Savings Plans for Individuals with Disabilities.
Here are some ABLE ACCOUNT QUICK FACTS
About ABLE Accounts
- Allows individuals with disabilities to save money and build assets without negatively impacting federal benefits such as SSI and Medicaid
- Provides a tax-free savings and investment account that can be used for a wide variety of qualified disability expenses
- Serves as Florida’s qualified
How it Works
Like a Roth IRA or a 529 college savings plan, an ABLE account is a tax-free savings account that helps individuals with disabilities save for the future. The individual owns the account, but an authorized person may establish and help oversee the account.
Advantages
Save tax-free for future expenses Save while maintaining federal benefits Save with the help of family and friends
Eligibility
Has a qualifying disability Onset prior to age 26
Opening an Account
Takes less than 15 minutes No documentation to upload Others may open or assist in opening
Qualified Disability Expenses
Qualified Disability Expenses include basic living expenses and are not limited to items for which there is a medical necessity or which solely benefit the individual.
- Health
- Housing
- Education
- Employment
- Training/Support
- Assistive Technology & Support
- Services
- Transportation
- Funeral & Burial
- Legal Fees
- Financial Management
- Oversight & Monitoring
- Other Approved Expenses by the Treasury Regulations
You May Also Like
- Financial Planning: For Those Who Are at the Starting Line [4]
- Able Accounts and Taxes: What Special Needs Families Need to Know [5]
- Able Account or Special Needs Trust: How to Decide? [6]
- ABLE Accounts: 10 Things You Should Know [7]
- ADVICE NEEDED! My Child Turned 18, Does he heed to File Taxes? [8]
- Guardianship: A Basic Understanding for Parents [9]
- “Instruction Manual” for Your Child with Special Needs [10]
- Special Needs Planning: What is a Special Needs Trust? [11]
- Special Needs (or Supplemental Needs) Trusts 101 [12]
- Common Mistakes Parents Make with Their Special Needs Trusts [13]
- Social Security Benefits: Understanding How To Work? [14]
- Does Your Child Qualify for Supplemental Security Income? Dispelling Misconceptions [15]
- 9 Things You Need to Know to Maximize Your Child’s Benefits [16]
- Handling Your Child’s Diagnosis: Six Things Parents Should Do For Themselves [17]
- A Special Need Planning Timeline: 9 Steps to a Sound Family Plan [18]
- Plan Early for Your Child’s Long-Term Security [19]
- Medwaiver Program How the Waiver Can Help Your Child [20]
- How to Select a Special Needs Attorney [21]
This post originally appeared on our January/February 2017 Magazine [22]