August is #ABLEtoSave Month

ABLE accounts are a fantastic way for people with disabilities to become more financially secure and independent while preserving their access to government needs-based programs. Similar to 529 accounts, ABLE accounts are tax-advantaged savings accounts. You can contribute up to $16,000 per year into an ABLE account and those funds can then be used by the disabled individual for qualified uses. So long as the totals in the account don’t exceed certain levels, these funds will not be considered as an available resource for Social Security or Medicaid.

When working with a family on legacy planning and there is a disabled individual involved, ABLE accounts can be a really helpful tool. ABLE accounts are often used in conjunction with a Supplemental (or Special) Needs Trust as part of a complete package to provide stability, security and flexibility for a special needs beneficiary’s financial future. 

For more information about ABLE accounts, check out https://www.ablenrc.org/ If you’re interested in exploring options for your special needs beneficiary, make an appointment to speak with experienced estate planning attorney Alex Meeks today.