There are many unique components of special needs planning, one of which
is to ensure that individuals with special needs remain eligible for important
needs-based government benefits such as Supplemental Security Income (SSI)
Given the low asset limits associated with many needs-based benefit programs,
it is difficult for individuals with special needs to save substantial
sums of money, without jeopardizing their benefits eligibility.
ABLE Accounts – The Basics
In 2014, the ABLE (“Achieving a Better Life Experience”) Act
was signed into law. The ABLE Act is a federal law that allows states
to establish a savings program for persons with disabilities. The program
is modeled after the 529 savings accounts. ABLE accounts may be used to
accumulate savings, with certain restrictions, for use by a beneficiary
with a disability.
An ABLE account may be established by any contributor (a parent, friend,
family member or the person with a disability) for the benefit of an eligible
beneficiary of any age so long as that person can establish they met the
criteria prior to age 26. An eligible beneficiary is an individual who
meets the standard for disability prior to turning the age of 26. A recipient
of SSI or SSDI satisfies this requirement while those who do not receive
such benefits must be certified under the act.
Please call us if you would like to learn more about an ABLE account and
how it might help you or a loved one. We are always happy to hear from
you! We can be reached at (203) 651-5521 or through the contact form on