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 provision of Federal law that requires” means testing “any amount . . . in the ABLE account . . ., any contributions to the ABLE account . . ., and any distribution for qualified disability expenses . . . shall be disregarded. . .”
Simply defined, a trust is an agreement between two people -- a grantor who donates funds to the trust and a trustee who manages those funds according to the grantor's wishes, which are laid out in a trust document. The funds in the trust are typically used to assist a person or group, called the trust beneficiary. Although it may sound complicated, at heart a special needs trust is merely a trust established for the benefit of someone with special needs.
Special needs trusts generally fall into one of three categories: (1) third-party trusts that one person, typically a parent or grandparent, creates for the benefit of a child or grandchild; (2) first-party (or "pay-back" or "(d)(4)(A))" trusts funded with the disabled b...
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 management services or even, potentially, a smart phone.
The ABLE Act itself defines “qualified disability expenses” as “expenses related to the eligible individual’s blindness or disability which are made for the benefit of an eligible individual who is th...
Guardianship and conservatorship proceedings are supposed to protect vulnerable seniors and people with cognitive disability. Unfortunately, there are some who use the legal process in ways that benefit themselves at the expense of those they are charged with protecting.