Three ABLE Account Enhancements
Harry S. Margolis
Anyone who became disabled before age 46 can now have an ABLE Account.
Contact Us: 781-705-6400
Contact Us: 781-705-6400
Anyone who became disabled before age 46 can now have an ABLE Account.
As of September 30th, “in-kind support and maintenance” (ISM) for Supplemental Security Income (SSI) will no longer include food.
The SSI Savings Penalty Elimination Act would raise the SSI asset limit from $2,000 to $10,000.
Two end of year developments in the area of disability planning – expansion of eligibility for ABLE accounts and new regulation to pooled disability trusts.
ABLE accounts expanded to include individuals who became disabled before age 46. Gov. Baker’s last act: transfer penalty for pooled disability trusts after age 65.
The SSI Savings Penalty Elimination Act would raise the asset limit for Supplemental Security Income from $2,000 to $10,000, relieving a huge encumbrance to the success of the program.
ABLE Accounts and what they mean for your special needs planning. Learn how to set up an ABLE Account in Massachusetts.
ABLE accounts preserve food stamp eligibility for low-income individuals and families, and those with disabilities.
Massachusetts launches its ABLE program the Attainable Savings Plan on May 10th.
Handout compares benefits and disadvantages of ABLE accounts and special needs trusts. Margolis & Bloom, Wellesley, MA, 781-705-6400