Hello all,
I recently went to a training on the Able Act, and received the presentation
electronically, and I thought you would be interested in knowing more. I have
attached a pdf and a txt copy of the presentation.
Sincerely,
Stacia Woolverton
Agency for Persons With Disabilities
4030 Esplanade Way, Suite 235
Tallahassee, Florida 32399
Toll Free: 1-866-273-2273
Email: Stacia.Woolverton@xxxxxxxxxxxx<mailto:Stacia.Woolverton@xxxxxxxxxxxx>
Looking for disability related resources in your community?
Check out APD's Resource Directory & Events
Calendar<http://www.apdcares.org/resourcedirectory>
CONFIDENTIALITY NOTICE: This message and any attachments are for the sole use
of the intended recipient(s) and may contain confidential and privileged
information that is exempt from public disclosure. Any unauthorized review,
use, disclosure, or distribution is prohibited. If you have received this
message in error please contact the sender (by phone or reply electronic mail)
and then destroy all copies of the original message.
ABLE United
Floridas Qualified ABLE Program
William Thompson
Deputy Executive Director
Florida Prepaid College Board
ABLE Accounts
What is ABLE?
Achieving a Better Life Experience
The Stephen Beck, Jr. Achieving a Better Life Experience Act encourages
individuals with disabilities to save private funds to support health,
independence, and quality of life.
"No longer would individuals with disabilities have to stand aside and watch
others use IRS-sanctioned tools to lay the groundwork for a brighter future.
They would be able to as well.
Congressman Ander Crenshaw, Florida
William Thompson, CPA, Esq.
ABLE Accounts
Save Like Never Before.
A tax-free savings and investment account established to support disability
expenses while maintaining government benefits.
A $2,000 asset limit is no longer a barrier
Increase savings through tax-free growth
Receive contributions from family & friends
William Thompson, CPA, Esq.
Why an ABLE account?
Save for future qualified disability expenses.
Qualified disability expenses, which include living expenses, are not
required to be medically necessary or to be limited for the sole benefit of the
individual with a disability.
William Thompson, CPA, Esq.
Why an ABLE account?
Save for the future without losing Supplemental Security Income.
Generally, funds in (or withdrawn from) an ABLE account are disregarded when
determining SSI eligibility.
William Thompson, CPA, Esq.
Exceptions:
ABLE funds over $100,000
Housing and non-qualified disability expenses withdrawn but not spent that
month
William Thompson, CPA, Esq.
Why an ABLE Account?
Save more without losing Medicaid.
Funds in an ABLE account do not affect Medicaid eligibility.
ABLE Funds may exceed $100,000
Subject to outstanding qualified disability expenses, upon the death of the
individual, a state may request Medicaid reimbursement for benefits paid after
establishment of the ABLE account
Eligibility
A Florida resident who is blind or has a disability with an onset prior to age
26 and meets the severity requirements of SSI or SSDI.
Current age, income, assets or receipt of government benefits are not
considered.
Requirements:
Florida resident
Onset of the disability prior to age 26
The disability is severe
William Thompson, CPA, Esq.
Disability
No approval process or submission.
An individual receiving SSI or SSDI or who has a condition on the List of
Compassionate Allowances Conditions qualifies automatically.
Self-certification
Marked and severe functional limitations
Expect to last for at least 12 months
William Thompson, CPA, Esq.
Ownership
The individual with a disability is the owner of the ABLE account.
Another person may assist in opening or maintaining the ABLE account.
One ABLE account nationwide
Accessed through secure website
Account is for the benefit of the individual with a disability
William Thompson, CPA, Esq.
How It Works
Enroll
Open an ABLE account at ABLEUnited.comin approximately 15 minutes.
No documents to upload. Enter identifying information, categorize and
self-certify basis of eligibility, and select investment options.
Special Situations:
Another person is authorized to open the account
Provide date of diagnosis with name and address of physician
William Thompson, CPA, Esq.
Contribute
Anyone can contribute to the account.
Contributions are completed gifts (not income) to the individual with a
disability.
Total of $14,000 per year
No new contributions if account =$418,000
No federal income tax-deduction
No rollovers from IRA or 529 College Savings Plan
William Thompson, CPA, Esq.
Grow
Choose from 7 investment options.
You may change how existing funds are invested up to 2 times per year.
Conservative Portfolio
Moderate Portfolio
Growth Portfolio
Money Market
U.S. Bond Fund
U.S. Stock Fund
International Stock Fund
William Thompson, CPA, Esq.
Withdraw
Money may be withdrawn at any time and for any reason.
Withdrawals may be made by electronic transfer or by check.
Earnings are tax-free if annual withdrawals are less than qualified disability
expenses.
Consideration:
Keep documentation for the IRS
Earnings may be subject to tax plus 10% if withdrawals exceed
qualified disability expenses
William Thompson, CPA, Esq.
Next Steps
ABLEUnited.com
Learn more about ABLE accounts.
The ABLE United website offers a number of valuable resources for Floridas
financial and legal professionals:
Eligibility checklist
Investment options and performance
Toolkits and downloadable content
FAQs
Webinars
William Thompson, CPA, Esq.
Ready to open an ABLE account?
The online application takes approximately 15 minutes to complete.
The following information is requested:
William Thompson, CPA, Esq.
Name, address, phone number, email, date of birth and SSN
Basis of eligibility
Correspondence delivery method
Desired investment options
Contribution method
Self-certifications
William Thompson, CPA, Esq.
Questions?
Sign-up for updates and information at ABLEUnited.com.
Contact us at: info@xxxxxxxxxxxxxx.
Attachment:
ABLE United Program (5-9-16) (3).pdf
Description: ABLE United Program (5-9-16) (3).pdf
