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 are going to go a long way towards helping empower people with disabilities by allowing them to save and receive money without losing their needed means-tested public benefits (Medicaid; SSI; SNAP; Section 8). An ABLE account can receive contributions of up to $14,000 per year and the funds can be spent on any "qualified disability expense. Take a look at the Social Security POMS for examples of what qualified disability expenses are.
There are restrictions as to who is eligible for and who can establish an ABLE Account. Under the current law, an individual must have been disabled prior to age 26, and an account can only be established by the individual with a disability, or by their parent, guardian, or agent under power of attorney.
Talk with your Special Needs Planner about how the Oregon Able Account can benefit you or your family member with a disability and about how ABLE can be used in conjunction with an existing Special Needs Trust.