Hello, Florida! I’m not sure if you’ve already heard or not, but I have some other exciting news to share with you. ABLE United has launched in Florida! For those of you who have parents with children who are special needs this is HUGE but don’t think that ABLE United is only for children, because adults can benefit for ABLE United too!
Raising a special needs child is challenging. As a parent with a physically challenged child, I can tell you that not having all the proper tools to care for them not only makes the caretakers life harder but it lessens the physically challenged persons way of life. My son is wheelchair bound, and it’s hard enough knowing the will never walk the last thing my husband, or I was to worry about is not having everything we need to care for him. I would love to have an ABLE United Account set up for my son. It’s comforting knowing that you have money put up for things that could improve his way of life.
It’s a new day for Floridians with Disabilities thanks to ABLE United people with disabilities have a new way to save money.
So what does ABLE United mean for those who live in Florida? ABLE United wants to help encourage and assist the savings of private funds to help people with disabilities cover costs that not only support their health but their independence and quality of life. ABLE United wants to help people with disabilities:
- Save while maintaining their federal benefits
- Save tax-free for future qualified expenses
- Save on fees by offering Florida residents the best possible value.
With an ABLE United account, Florida residents now have an economical way to save up to $14,000 each year for qualified disability expenses. If the disabled person is employed ABLE United is there to help them grow their assets with a tax-free earning and for those who are ABLE United means they can finally save money without worrying about losing their benefits.
With ABLE United individuals with disabilities can save money and build assets without stressing whether or not it’s going to impact their federal benefits – Medicaid and SSI. You don’t have to stress the taxes either.
ABLE United accounts are tax-free and can be used for a wide variety of qualified disabilities. Money in this account is disregarded when determining whether or not an individual is eligible for federal programs such as Medicaid and Supplemental Security Income (SSI). An ABLE account is similar to a 529 college savings plan or a Roth IRA. Your ABLE United account is a tax-free savings account that was created to help those with disabilities save for their future. While the individual owns the account, they may have someone who is authorized can assist the account owner to oversee the account.
What are some qualified disability expenses?
There are a variety of qualified disability expenses such as healthy, employment training and support, transportation, education, housing, assistive technology and support services, health, funeral and burial, financial management, legal fees, oversight and monitoring, and even more expenses by the Treasury Regulation.
Who can open an ABLE United Account
To open an ABLE United Account, one must be a Florida residence at the time of the application. They must be blind or have a disability that meets the disability and severity require from Social Security Disability Insurance or Social Security Income. The disability must have happened before the individuals 26th birthday. The person’s current age isn’t considered when opening the account; issues just remember that the account will need to be opened by someone over the age of 18.
Will the ABLE Account issue when it comes to federal and state benefits.
As we mentioned the account is general disregarded when determining eligibility for federal and state benefits but there are a few exceptions for someone who is receiving Supplemental Security Income (SSI) such as:
- The account can have up to $100,000 and be disregarded but once the account has more than $100,000 it can be considered an asset.
- Withdrawals that are used for a housing expense but that is not spent during the same month can be regarded as an asset.
- There should be no impact on the individuals Medicaid benefit. To determine whether your state benefits will be affected give your provider a call.
How do I open an ABLE United account?
Opening an account with ABLE United is easy and typically only takes about 15 minutes, there are not documents that you will need to upload, and others may open or help you with the account opening process if needed.
How does an individual withdraw money for an expense?
Withdraws do not need to be approved, and money can be withdrawn whenever necessary for any reasons. However, keep in mind that each year a report that includes all distributions, date withdrawn, and the amount will be sent to the Internal Revenue Services (IRS) as part of ABLE United’s annual tax reporting. The IRS can choose to investigate distributions from an ABLE account to make sure money is withdrawn was for a qualified expense.
Who all can contribute to an ABLE United account?
Good news, once your account has been established anyone can help the account on behalf of the disabled individual and the contributions are considered a gift. Contributions are not allowed if the account balance is above $418,000 and the individual can contribute up to $14,000 yearly.
Where can I get more information about ABLE United?
To learn more about ABLE United you can find more information on their website ABLEUnited.com. Be sure to take advantage of their Eligibility Wizard, Quick Start Guide, FAQS, and of course follow them on Facebook.
This is a sponsored post written by me on behalf of ABLE United. All opinions expressed are my own.