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Achieving a Better Life Experience Act

ABLE Act created

In 2014, President Obama signed into law The Stephen Beck, Jr., Achieving a Better Life Experience Act (ABLE Act). In January 2016, New Jersey enacted its version of ABLE Act, but was not effectuated until June 18, 2018 when the New Jersey Human Services Commissioner announced the launching of the NJ ABLE program. NJ's ABLE program also offers a range of investment options to disabled persons.

Does an ABLE account disqualify the individual from Governmental Benefits

ABLE accounts allow eligible individuals with disabilities and their families to save money for disability related expenses in a tax exempt account known as an ABLE account. ABLE accounts are tax advantaged savings accounts for individuals with disabilities and their families. It allows them to save private funds to supplement benefits provided through private insurance, Medicaid, supplemental security income (SSI), employment, and other sources.

By establishing an ABLE account, beneficiaries can save money for disability related expenses while maintaining eligibility for means tested Federal benefit programs such as SSI and Medicaid. Money saved in an ABLE account will not affect an individual's eligibility for SSI (up to $100,000) and will allow the beneficiary to maintain eligibility for Medicaid and other public benefits. These accounts can then be used for certain expenses such as education and training, employment, financial assistance, housing, personal care, transportation, assistive technology, burial expenses, legal fees, long term services and support. Withdrawals made for any other reasons may create a penalty.

Disclaimer: The materials on this website are intended for general informational purposes only. These materials do not, and are not intended to, constitute legal advice. Visitors to this website should consult with competent legal counsel. This article is not intended to, and does not create, an attorney client relationship with Weiss, Tom & Trapanese, LLC or any of the firm's lawyers. This website is not intended as an offer to represent you.

Contact an Experienced Law Attorney in ABLE Act

Our attorneys are familiar with the benefits of ABLE accounts. For more information, contact our offices.

Law Offices of Weiss Tom and Trapanese, LLC

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