Finally ABLE to Save: A New Savings Tool for People with Disabilities

Posted by Patty Manko on Sat, Apr 29, 2017 @ 08:05 AM

 The Special Needs Financial Planning Team  Cynthia Haddad, CFP | John  Nadworny, CFP | Alexandria Nadworny, CFP  We are committed to offering educational workshops to organizations and parent  groups.  Please call Alex or click here to attend a workshop or discuss a presentation  to your group.

Workshops Calendar

ABLE.pngThe 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: 

  • 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!

Tags: ABLE Account

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