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ABLE bill passed in the house... waiting for Senate ratiification

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    ABLE bill passed in the house... waiting for Senate ratiification

    This proposed law as I understand will be of great help for people like my son who disabled with a C-4-5 Asia A to keep assets in a tax free 529 type Tax free savings plan. I used this to help pay for his some college tuition for him and my other son who is able-bodied. As I understand it will allow diasabled people save tax free for housing, transporation, etc. The 2,000 dollar asset cap will not be as much as a barrier and the medicaid monthly cap may be worked arounnnd it. My son is in law school and never worked after his injury at the age of 14.
    Last edited by okwjoe; 6 Dec 2014, 12:21 AM.

    #2
    Originally posted by okwjoe View Post
    This proposed law as I understand will be of great help for people like my son who disabled with a C-4-5 Asia A to keep assets in a tax free 529 type Tax free savings plan. I used this to help pay for his some college tuition for him and my other son who is able-bodied. As I understand it will allow diasabled people save tax free for housing, transporation, etc. The 2,000 dollar asset cap will not be as much as a barrier and the medicaid monthly cap may be worked arounnnd it. My son is in law school and never worked after his injury at the age of 14.
    Obama signed the bill into law last Friday. Great news for those injured before turning 26.

    http://www.vox.com/2014/12/19/7418291/able-act

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      #3
      This is very interesting to me. Does anyone have a good source of what exactly this means???

      It seems to be a federal bill aimed at working around the SSI and Medicaid resource limits, but I'm under the impression that Medicaid is a state by state thing... i don't see how it could possibly be made uniform (though that would be a great thing).

      I was injured before my 26th, and while I don't currently have any resources, I will soon start working and from reading that article I have no idea whether or not this will affect me in any way.

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        #4
        I was interested in finding out how the ABLE Act differs from a Supplemental Needs Trust Fund. (We set up a Supplemental Needs account for my daughter when she was injured at age 12.)

        -In short, new 529 ABLE accounts probably won't start until the end of 2015.
        -Person has to have onset of disability before the age of 26.
        -Up to $14,000 a year can be added to account.
        -Account limits out at $100,000
        -Very broad range of uses for money in ABLE account.

        I found this piece very informativei. If you Google The ABLE Act you will find all kinds of reputable hits. I found this piece very informative. It is about 11 minutes and is packed with a lot of good information:
        http://www.boston.com/business/perso...LsK/video.html

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