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The ABLE Act: A Tool for Financial Stability and Employment Outcomes

The ABLE Act: A Tool for Financial Stability and Employment Outcomes

The ABLE Act amends Section 529 of the Internal Revenue Service Code of 1986 to create tax-advantaged savings accounts for individuals with disabilities. These tax-advantaged savings accounts can be used to cover qualified disability expenses such as, but not limited to, education, housing and transportation.
— National Disability Institute

This seminar was on April 27, 2017. Below is information where you can follow up. 

The LEAD Center, in collaboration with the ABLE National Resource Center, will be holding a webinar focused on how individuals with disabilities, and their families, can use ABLE Accounts to increase their financial stability and produce more positive employment outcomes. The webinar will take place on April 27th at 3:00-4:30 pm EST and aims to demonstrate how provisions in the ABLE Act can enable people with disabilities to achieve competitive integrated employment, begin to save more than $2,000 without fear of loss of SSI and Medicaid eligibility and set longer term goals for financial stability and self-determined and self-directed lives. The presentation will review the basic elements of these new ABLE account programs, now open in 19 states, and will include the perspective of a current ABLE account owner.

For some basic information about ABLE accounts, we encourage you to watch the video and/or read the summary of 10 Things You Should Know about ABLE Accounts, prior to the webinar.

New York State Residents

In the craziness of our DD world, I was informed on the call that New York State residents can actually open an ABLE account in Ohio (and some other states). More to follow. 

Special Needs Trust versus ABLE Account

  • A key distinction is an ABLE account would be in Dustin Sweeney's name. A Special Needs Trust would have a separate Trustee that is NOT Dustin Sweeney. 
  • They are compatible, and can work complementary to each other.