The ABLE ACT was designed to provide financial support for those with disabilities.
Are you or a loved one disabled and receiving public assistance?
Do you worry about finances and medical care?
Do you live in Nevada?
If you answered yes to all of these questions, then the Nevada ABLE ACT could help.
This was recently reported in a Las Vegas Review-Journal article titled “Nevadans with disabilities will save money under ABLE Act.”
The ABLE ACT is the Achieving a Better Life Experience Act.
It was passed by Congress in 2014.
What does it do?
It allows those with disabilities to create special tax advantaged accounts for specific expenses, with their own financial resources.
What kind of expenses?
- Health care
- Assistive technology
- Assistance in getting and holding a job
- Other approved expenses
Why are ABLE accounts particularly beneficial?
The ABLE accounts will not disqualify an individual from Supplemental Security Income or certain other government benefits.
Friends and family can contribute up to $14,000 each year.
Nevadans who are under the SSI program on the basis of blindness or disability.
Nevadans can also qualify if they are under the Social Security disability, retirement and survivors program.
The fine print?
The disability must have occurred before the individual turned 26 years of age.
Who oversees the program?
In Nevada, the State Treasurer administers the ABLE ACT program.
The Nevada Aging and Disability Services Division are in charge of outreach and education.
The Nevada ABLE ACT program is administered by the State Treasurer, and the Nevada Aging and Disability Services Division will provide program education and outreach.
Either of these would be great places to learn more.
For Kansas residents, visit the official website of State Treasurer Ron Estes to learn more about Kansas ABLE accounts.
For Missouri residents, visit the official website of State Treasurer Eric Schmidt to learn more about Missouri ABLE accounts.
You can also contact an experienced estate planning or elder law attorney for guidance on whether this is a viable option for you or your loved one.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Las Vegas Review-Journal (January 26, 2017) “Nevadans with disabilities will save money under ABLE act”