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

  • From: "Melanie Knapp" <dmarc-noreply@xxxxxxxxxxxxx> (Redacted sender "rmkrn1@xxxxxxx" for DMARC)
  • To: "dbmat@xxxxxxxxxxxxx" <dbmat@xxxxxxxxxxxxx>
  • Date: Thu, 15 Jan 2015 11:41:48 -0600

Thank you for sending. Sounds like this is a good thing

Sent from my iPhone

On Jan 15, 2015, at 11:14 AM, paul welch <pwelch@xxxxxxxxxxxxx> wrote:

> 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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