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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='color:#1F497D'>FYI!<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><span style='color:#1F497D'>Todd<o:p></o:p></span></p><p class=MsoNormal><b><span style='font-size:10.0pt;line-height:115%;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;line-height:115%;font-family:"Tahoma","sans-serif"'> Wright, Jennifer (OFB-FK) [mailto:JenniferN.Wright@ky.gov] <br><b>Sent:</b> Monday, June 06, 2016 10:52 AM<br><b>To:</b> Whittaker, Jessica (OFB-FK); Flanagan, Allison A (OFB-FK); Angela Anderson ; Cabe, Becky (OFB-FK); Carla Ruschival; Cathy Jackson; McNabb, Cora L (OFB-FK); Daniel Scott Heads; David Lawson; Deb Lewis ; Dennis Franklin ; George Stokes ; Grant Logsdon (grant@kyspin.com); Jennifer Hall (Jennifer.hall@tds.net); Jones, Vanessa (CAP-FK); Kevin Shurn ; Laura Yates; Nancy Clayton; Paulett Logsdon ; Sinclair-Morris, Peggy; Randall Deaton; Rhonda Skidmore ; Fricano, Scott D (OFB-FK); Sharon Fields (Home) (sharon.fields1@outlook.com); Shirley Stivers (sstivers77@gmail.com); Shirley Stivers (Work); Deeley, Stephen P (OFB-LV); Susan Ament (BGCB); Theresa Thomas ; todde.stephens@windstream.net; Hammons, Twyla S (OFB-SS)<br><b>Subject:</b> FW: KY ABLE fact sheet 060216 revised<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:#1F497D'>FYI</span><o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f">
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</v:shape><![endif]--><![if !vml]><img width=159 height=111 src="cid:image002.png@01D1BFE1.65327F10" align=right hspace=12 v:shapes="_x0000_s1026"><![endif]><b><u><span style='font-size:24.0pt'>Kentucky ABLE Act</span></u></b><o:p></o:p></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><i><span style='font-size:14.0pt'>Promoting Independence, Work & Savings for <br>Kentuckians with Disabilities</span></i><o:p></o:p></p><p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'><i><span style='font-size:14.0pt'> </span></i><o:p></o:p></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><span style='font-size:12.0pt'>Starting July 15, 2016, eligible Kentuckians can open ABLE accounts <br>without jeopardizing Medicaid eligibility or means-tested benefits such as SSI. </span></b><o:p></o:p></p><p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'><b><span style='font-size:12.0pt'> </span></b><o:p></o:p></p><p class=MsoNormal><b><u><span style='font-size:12.0pt;line-height:115%'>FACTS ABOUT THE KY ABLE ACT</span></u></b><o:p></o:p></p><p class=MsoListParagraphCxSpFirst style='margin-left:.25in;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>The Kentucky ABLE Act (<a href="http://www.lrc.ky.gov/record/16RS/SB179.htm"><span style='color:windowtext'>SB 179</span></a>) allows Kentuckians to benefit from the federal Achieving a Better Life Experience (ABLE) Act, which allows people with disabilities to establish tax-deferred savings accounts under §529A of the US Tax Code. The new law will be effective on July 15, 2016. <o:p></o:p></p><p class=MsoListParagraphCxSpMiddle style='margin-left:.25in;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>The new law DOES NOT create a state program.<o:p></o:p></p><p class=MsoListParagraphCxSpMiddle style='margin-left:.25in;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>The new law DOES allow Kentuckians to establish accounts (operated under other states programs) without jeopardizing means test benefits or Medicaid. <o:p></o:p></p><p class=MsoListParagraphCxSpLast style='margin-left:.25in;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>The new law directs the State Treasurer to work with several other government and advocacy stakeholders to determine the best plan of action related to ABLE accounts for Kentuckians. <o:p></o:p></p><p class=MsoNormal><b><u><span style='font-size:12.0pt;line-height:115%'>HOW CAN KENTUCKIANS OPEN ACCOUNTS?</span></u></b><o:p></o:p></p><p class=MsoListParagraphCxSpFirst style='margin-left:.25in;text-indent:-.25in;mso-list:l1 level1 lfo4'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>As of June 2, 2016, Ohio is the only state that has a program offering ABLE Accounts. <br>The Ohio program is open to people from other states, including Kentucky. <br>More information is available at <a href="http://www.stableaccount.com/"><span style='color:windowtext'>http://www.stableaccount.com/</span></a> .<o:p></o:p></p><p class=MsoListParagraphCxSpLast style='margin-left:.25in;text-indent:-.25in;mso-list:l1 level1 lfo4'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>Several other states plan to begin offering accounts soon, including: Tennessee, Nebraska, Virginia and Colorado. <o:p></o:p></p><p class=MsoNormal><b><u><span style='font-size:12.0pt;line-height:115%'>KEY CHARACTERISTICS OF ABLE ACCOUNTS</span></u></b><o:p></o:p></p><p class=MsoListParagraphCxSpFirst style='margin-left:.25in;text-indent:-.25in;mso-list:l2 level1 lfo6'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>To quality, an individual must become disabled before age 26. In addition, an individual either must be entitled to Supplemental Security Income or Social Security Disability Income benefits, or file a disability certification with the IRS. <o:p></o:p></p><p class=MsoListParagraphCxSpMiddle style='margin-left:.25in;text-indent:-.25in;mso-list:l2 level1 lfo6'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>ABLE Accounts are similar to college-savings plans governed by §529 of the US Tax Code. However, spending is allowed for “qualified disability expenses” (not just on education-related expenses).<o:p></o:p></p><p class=MsoListParagraphCxSpMiddle style='margin-left:.25in;text-indent:-.25in;mso-list:l2 level1 lfo6'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>Qualified disability expenses are any expenses made for the benefit of the designated beneficiary related to his/her disability, including: education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring, funeral and burial expenses.<o:p></o:p></p><p class=MsoListParagraphCxSpMiddle style='margin-left:.25in;text-indent:-.25in;mso-list:l2 level1 lfo6'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>Any person, such as a family member, friend, or the person with a disability, may contribute to an ABLE account for an eligible beneficiary <o:p></o:p></p><p class=MsoListParagraphCxSpMiddle style='margin-left:.25in;text-indent:-.25in;mso-list:l2 level1 lfo6'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>The legislation includes a Medicaid pay-back provision, which could allow recoupment for Medicaid payments from money left in the account after the beneficiary’s death.<o:p></o:p></p><p class=MsoListParagraphCxSpLast style='margin-left:.25in'> <o:p></o:p></p><p class=MsoNormal>For more information, visit <a href="http://www.ablenrc.org/"><span style='color:windowtext'>http://www.ablenrc.org/</span></a><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:.5in;line-height:normal'><span style='font-size:12.0pt;font-family:"Times New Roman","serif"'> </span><o:p></o:p></p></div></body></html>