#ABLE

Eric Kearney

Nov 12, 2019
3 min

Should you Transfer 529 Plan Funds to an ABLE Account?

Things to consider when deciding whether to transfer money from a 529 plan to an ABLE Account.

Eric Kearney

Jun 4, 2019
2 min

Gift Cards: A New Way to Contribute to ABLE Accounts

A Gift of Independence gift card is a new way to honor, celebrate, reward or support a member of your family, a friend, a co-worker or a nei

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Eric Kearney

May 4, 2019
1 min

HUD Publishes Letter Regarding ABLE Accounts

At long last, HUD has published a letter confirming that ABLE Accounts (and money coming in and out of them) will not adversely affect eligibility for housing benefits. Read the HUD letter here. The letter states that: "Per the mandate of the ABLE Act, for the purpose of determining eligibility and continued occupancy, HUD will disregard amounts in the designated beneficiary’s/individual’s ABLE account." The Achieving Better Life Experience (ABLE) Act (P.L. 113-295.) was sign

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Eric Kearney

Feb 1, 2019
2 min

What is an ABLE Account?

An introduction to ABLE Accounts - what they are and how they can be used to help improve the lives of people receiving means-tested benefit

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erickearney

Apr 3, 2018
1 min

Social Security Administration Updates SSI Resource List to Include SNTs and ABLE Accounts

The Social Security Administration’s Understanding Supplemental Security Income (SSI) website is a recently updated reference for beneficiaries, potential beneficiaries, advocates and interested members of the public. It provides information about SSI eligibility and processes and attempts to simplify complicated regulatory language. In its 2018 update of the section covering SSI Resources, SSA expanded its list and explanation of resources that do and do not count when deter

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Eric Kearney

Mar 8, 2018
2 min

New Guidance on ABLE Accounts

New POMS regarding ABLE accounts have come out and can be found here: https://secure.ssa.gov/poms.nsf/lnx/0501130740 Below is an excerpt from the the recent policy transmittal info with a summary --- This transmittal includes the current published guidance from the Internal Revenue Service (IRS) on Achieving a Better Life Experience (ABLE) Accounts, as well as some system enhancements implemented on September 30, 2017, that were explained in AM-17060. In addition, we added an

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Eric Kearney

Jan 3, 2018
2 min

New Tax Law Makes Changes to ABLE Accounts

Families taking advantage of ABLE savings accounts will have a little more flexibility in planning for special needs as a result of the new Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017. As I previously noted on this blog, ABLE accounts, created by Congress via the passage of the Achieving a Better Life Experience (ABLE) Act in 2014, allow people with disabilities and their families to save for disability related expenses, while maintaining eli

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Eric Kearney

Nov 3, 2017
2 min

ABLE account aggregate annual contribution raised to $15,000 nationally

The IRS has confirmed an increase to Section 2503, the federal gift tax exclusion. Section 529A(a)(2) of the Stephen Beck Jr. Achieving a Be

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erickearney

Oct 8, 2017
2 min

Impact of ABLE Funds on Needs-Based Public Assistance - HUD

The ABLE Act explicitly addresses how funds in an ABLE account impact SSI and Medicaid eligibility, but what about HUD? Even though the text of the ABLE statute does not specifically reference HUD or Section 8 Benefits, it does reference other needs-based federal programs in generalized language in section 103(a) of the Act (see full text using this link excerpted here). Regarding federal means-tested benefit programs, the Act provides that: “Notwithstanding any other provisi

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erickearney

Oct 8, 2017
2 min

What Expenses Can ABLE Accounts Pay For?

In passing the Achieving a Better Life Experience (ABLE) Act in 2014, Congress created a new way for potentially millions of people with special needs to save for disability related expenses without jeopardizing their eligibility for federal public benefit programs. In fact, these savings plans, popularly known as ABLE accounts, may be used for an even broader array of products and services than many beneficiaries may realize – including housing expenses, bus fare, financial

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Eric Kearney

Sep 13, 2017
1 min

CMS Guidance on ABLE Accounts

At long last the Centers for Medicare & Medicaid Services (CMS) had provided guidance to states on how to treat “ABLE” accounts in Medicaid financial eligibility determinations. The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (the ABLE Act), enacted in 2015, created a program under which people with disabilities can save money for their disability-related expenses in tax-advantaged accounts. Because disability can serve as a basis for Medicaid eligibilit

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erickearney

Aug 3, 2017
4 min

Five Practical Uses for an ABLE Account

ABLE accounts, the new tax-free savings accounts for people with disabilities, can be used in many ways to make a big difference to families

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Eric Kearney

May 23, 2017
2 min

Establishing an ABLE Account

If you or a family member are disabled (per social security standards) and the onset of the disability was prior to the age of 26 you may be eligible to set up and fund an ABLE Account. Funds placed into and withdrawn from an ABLE account do not count as resources (or income) for most means-tested federal benefits (SSI; SNAP; Section 8; Long-term care Medicaid) so long as the distributions are for qualified disability expenses. Oregon’s state benefit programs also exempt the

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erickearney

Feb 10, 2017
1 min

New USDA Regulation Confirms ABLE Fund Protection

USDA regulation confirms that ABLE account funds will not affect SNAP benefits.

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erickearney

Dec 6, 2016
1 min

Oregon ABLE Account Launched

The Oregon ABLE Account program launched today. Check out the website to learn more about how to incorporate this new tool into your existin

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erickearney

Nov 28, 2016
1 min

More news about Oregon ABLE Accounts

The Lund Report has an article up on their website confirming that Oregon ABLE Savings Accounts will go live on December 6, 2016. Read it he

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erickearney

Oct 31, 2016
1 min

Will ABLE Accounts Affect Section 8 in Oregon?

It seems that ABLE accounts in Oregon will not affect a person's eligibility for Section 8 Benefits.

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erickearney

Oct 11, 2016
1 min

Oregon ABLE Accounts Coming Soon

ABLE accounts are coming soon to Oregon! Oregonians will be able to establish Oregon Able Savings Plan Accounts in early December 2016. Make sure to take a look at the Oregon Able Saving Plan website at http://oregonablesavings.com/ and the Oregon 529 Network Page here. Sign up with them to receive more information as the program is rolled out. More background information about the ABLE act can also be found on the ABLE National Resource Center's website here. ABLE accounts a

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erickearney

Oct 1, 2016
1 min

ABLE Accounts Now Available in Four States; Three Are Open to Out-of-State Beneficiaries

Two years after the passage of the Achieving a Better Life Experience (ABLE) Act, four states -- Florida, Nebraska, Ohio and Tennessee -– have ABLE plans up and running, and all but Florida allow out-of-state beneficiaries to open accounts. States have been slow to create the appropriate regulations governing ABLE accounts, in part because the IRS and the Social Security Administration took a long time proposing regulations covering them. But now that the federal agencies

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