I have gotten several questions lately about ABLE accounts. This isn’t, strictly speaking, a legal issue, but it is an important tool for people with disabilities who are on programs like SSI and Medicaid.
ABLE stands for Achieving a Better Life Experience. It allows people like Tater to save money for qualified disability expenses WITHOUT jeopardizing their eligibility for their benefits.
The website below has all the information you need to set up an ABLE account:
https://savewithable.com/ar/home.html
ABLE accounts don’t take the place of a special needs trust, but these accounts can be a great tool for our families. The primary considerations when choosing between a special needs trust and an ABLE account are the amount of money involved, and what you want to use the money to purchase. An ABLE account has an annual limit on how much can be deposited. This year, that limit is $15,000.00. That’s a limit on the total deposited per year, no matter how many different people contribute. And there are some differences between the permitted expenditures.
Visit the website if you need more information. Knowledge is power.
