"The National Disability Institute reports that an estimated 1.9 million households that include an individual with a disability do not have a checking or savings account. Many lack adequate financial education and the necessary tools to grow their savings. Until now, some were not even provided the same opportunities to save as the general population.
Individuals with disabilities who rely on government means-tested assistance programs to meet their needs were previously limited to only $2,000 in assets. This effectively prevented them from planning for the future and forced them to live in poverty. But now, this $2,000 asset limit is no longer a barrier.
ABLE United offers individuals with disabilities the opportunity to save up to $14,000 each year, tax-free, without negatively impacting federal benefits.
Some of the benefits of ABLE accounts include:
- Access
- Flexibility
- Funeral and burial payments
- Doesn’t require attorney
- No monthly cost or cost to open
- Already approved by SSA and Medicaid"
That's the language oficial from ABLEUnited. Babushka y familia already know La Princesa would benefit from this, pero how does an ABLE account compare to other financial planning tools, such as a special needs trust?
We'll be sure to atender ABLE United and special needs attorney Travis Finchum in a discussion of the attributes of both types of accounts, to help determine the best choice for us. Join us so tu tambien can make and informed decision on what's best for your familia, your loved one, or the people you serve.
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