[dbmat] Fwd: [AVIT] Legislative Update: En-ABLE-ing Better Financial Planning for Families

  • From: paul welch <pwelch@xxxxxxxxxxxxx>
  • To: "dbmat@xxxxxxxxxxxxx" <dbmat@xxxxxxxxxxxxx>
  • Date: Thu, 15 Jan 2015 11:14:51 -0600

Sent from my iPhone

Begin forwarded message:

> From: "Kenneth Semien, Sr." <semien@xxxxxxxxxxxxx>
> Date: January 15, 2015 at 2:29:18 AM CST
> To: AVIT <alliancevit@xxxxxxxxxxxxxxxx>
> Subject: [AVIT] Legislative Update: En-ABLE-ing Better Financial Planning for 
> Families
> En-ABLE-ing Better Financial Planning for Families
> On December 19th, the President signed into law the Achieving a Better Life 
> Experience (ABLE) Act, aimed at reducing financial burdens for people with 
> disabilities and their families by providing them access to tax-saving 529 
> Education Savings Plans, called 529-ABLE Accounts. While there will be a 
> delay while each state sets up and begins to operate           these 
> accounts, the passage of the Act means that soon people with disabilities and 
> their families will be able to set aside funds(up to $14,000 per year) for 
> disability-related expenses to supplement insurance and other benefits. 
> Importantly, money set aside in these funds, up to $100,000, will be excluded 
> from the income and assets calculations which are used to           determine 
> eligibility for federal benefits such as SSI. Also,           Medicaid 
> benefits eligibility will not be impacted by funds saved in an ABLE account. 
> States will have to determine asset/income eligibility with respect to ABLE 
> Accounts for other state benefits which do not include federal funds. 
> Eligible individuals must have a condition that occurred before age 26. We 
> strongly encourage people who are blind/visually impaired and families of 
> children who are blind/visually impaired to consult their tax advisers about 
> the financial planning benefits and implications of the ABLE Act and 529-ABLE 
> Accounts. Stay tuned to AFB’s Policy Center and FamilyConnect for future 
> updates on this and other important topics for families!
> Read the text of the ABLE Act.
> Questions? Email Rebecca Sheffield, Senior Policy Researcher, at 
> rsheffield@xxxxxxx       
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