[NFBMO] [MissouriAffiliateLeaders] Information on ABLE accounts

[Roger Crome]

Anything you have in theABLE account will not count toward your asset limits for any federal or state program. That does include blind pension. The downside is that if you have $100,000 in that account and you pass away, the state, then has the ability to clawback the funds. Basically, the state, can say that those funds are theirs now as opposed to going to your spouse. they say that they don’t do it, but the right is there and if the right amount is saved, who’s to say they won’t. That’s just my thought on it.

Sent from my iPhone

On Mar 1, 2023, at 3:19 PM, Gary Wunder via MissouriAffiliateLeaders <missouriaffiliateleaders at nfbnet.org> wrote:


As cool as this is, does the blind pension asset amount exclude these?



From: MissouriAffiliateLeaders <missouriaffiliateleaders-bounces at nfbnet.org> On Behalf Of mizzoufan1979--- via MissouriAffiliateLeaders
Sent: Wednesday, March 1, 2023 1:56 PM
To: 'NFB of Missouri Mailing List' <nfbmo at nfbnet.org>; 'NFB of Missouri Affiliate Leaders List' <missouriaffiliateleaders at nfbnet.org>
Cc: mizzoufan1979 at gmail.com
Subject: [MissouriAffiliateLeaders] Information on ABLE accounts

Last week I attended a session on ABLE accounts put on by an organization of state treasurers.
With ABLE you can have $100,000 in a dedicated ABLE account to be used for disability related expenses with out affecting any federal program based on need including SSI or Medicaid. The definition of disability related expenses is very broad and includes things such as rent, utilities and food. It likely usually doesn’t cover  things such as trips to Europe for vacation.
You can contribute up to $17,000 annually to the account and if you are working  you may be able to contribute even more.
To be eligible currently your disability must be documented  prior to age 26.
As of January 1,2026 the eligibility age will change to  age 46.
For much more including the full seminar go to www.ABLEToday.org/SSA<https://na01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.abletoday.org%2FSSA&data=05%7C01%7C%7C9d3f2c93206e414590c908db1a9a9428%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638133023433146752%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=lefO8PHKIRHVcNxzX5X6uQPmucOIBpYAmDRbRh7knEY%3D&reserved=0>
The seminar lasted about an hour and is well worth it if you have any interest in the program. There was a question and answer period after the seminar but I do not if that is included in the recording.
Many folks have used their ABLE accounts, for example, to save up for a down payment on a home.
Hope this is helpful.
Gene Coulter

_______________________________________________
MissouriAffiliateLeaders mailing list
MissouriAffiliateLeaders at nfbnet.org
http://nfbnet.org/mailman/listinfo/missouriaffiliateleaders_nfbnet.org
To unsubscribe, change your list options or get your account info for MissouriAffiliateLeaders:
http://nfbnet.org/mailman/options/missouriaffiliateleaders_nfbnet.org/r_crome1%40msn.com
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://nfbnet.org/pipermail/nfbmo_nfbnet.org/attachments/20230301/e967e7f5/attachment.html>