Disclaimer:The following blog post is sponsored by ABLE United and Bloggin Mamas. All opinions are my own.
If you’re a special needs parent or caretaker you may have wondered about your child’s financial future. I have and wasn’t sure of what savings programs may have been available for those differently Abled individuals. As of July 1, 2016, residents of Florida who have been disabled at 26 years or younger now can apply for “The Achieving a Better Life Experience (ABLE) Act, which authorizes states to create tax-free savings accounts for individuals with disabilities. ABLE United is a promise for a better future, independence and financial wellness for individuals with disabilities and their families.
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:
– Funeral and burial payments
– Doesn’t require attorney
– No monthly cost or cost to open
– Already approved by SSA and Medicaid
But, how does an ABLE account compare to other financial planning tools, such as a special needs trust?
Join the discussion: http://bit.ly/2hWUqgU
Join ABLE United and special needs attorney Travis Finchum in a discussion of the attributes of both types of accounts, to help you determine the best choice for yourself, your loved one, or the people you serve.
More information about this program:
Web: ABLE United
ABLE United Facebook Page
USE PROMO CODE: SPARKLE17 to open a free ABLE United account