January 22, 2008
Here is a brief explanation of what the ABLE Act allows:
The ABLE Act allows people with disabilities and their families to set up a special savings account for disability-related expenses. Earnings on an ABLE account would not be taxed, and account funds would generally not be considered for the supplemental security income (SSI) program, Medicaid, and other federal means-tested benefits.
As some of you guys know I have two children and my little boy was born with Down syndrome.
It is my hope that I’m able to arrange things to where he may never need services such as ssi or medicaid which may prove unrealistic. Under currently legislation if I setup a saving account for him and put more than $2000 in it he would be disqualified for all services. As we all know it’s difficult to buy a good SuperMag for that anymore! The new legislation makes it easier for me to save for him without the need of setting up expense Special Needs Trust.
So for those with family members with disabilities hopefully this will be beneficial!
December 4, 2014
April 18, 2014
Hopefully he has the right mind to sign it. Sounds like a needed piece of legislation.
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