[NFBMO] [MissouriAffiliateLeaders] Information on ABLE accounts

[mizzoufan1979 at gmail.com]

Per section  209.600 through 209.645 of the laws of Missouri ABLE accounts
are exempt up to $100,000 for Blind Pension and Medicaid.

However, one thing I failed to mention upon death they are subject to the
infamous lien law. But, as with any use of the lien law other things take
priority over the state recoupment of  the assets in the ABLE account such
as funeral expenses, other creditors, required support of survivors. IT his
not to say that recovery never happens because it does but is not common and
almost never when there is a surviving spouse.

Hope this helps.Gene

From: Gary Wunder <gwunder at earthlink.net> 
Sent: Wednesday, March 1, 2023 3:18 PM
To: 'NFB of Missouri Affiliate Leaders List'
<missouriaffiliateleaders at nfbnet.org>; 'NFB of Missouri Mailing List'
<nfbmo at nfbnet.org>
Cc: mizzoufan1979 at gmail.com
Subject: RE: [MissouriAffiliateLeaders] Information on ABLE accounts

 

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

 

 

 

From: MissouriAffiliateLeaders <missouriaffiliateleaders-bounces at nfbnet.org
<mailto:missouriaffiliateleaders-bounces at nfbnet.org> > On Behalf Of
mizzoufan1979--- via MissouriAffiliateLeaders
Sent: Wednesday, March 1, 2023 1:56 PM
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Cc: mizzoufan1979 at gmail.com <mailto: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
<http://www.ABLEToday.org/SSA> 

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

 

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