What Is The ABLE Act?

What Is The ABLE Act?

As we reported last week, a bill that would allow people with disabilities to save money and open tax-free savings accounts is currently awaiting approval in the Senate.

The bill, called the ABLE Act, or Achieving a Better Life Experience Act, would allow people with disabilities to setup accounts similar to 529 college savings accounts, allowing them to save for housing, transportation and other expenses.

USA Today had an excellent write up about the bill recently, saying that under current laws, to qualify for Medicaid and Social Security Disability Insurance (SSDI) benefits, people cannot have more than $2,000 in assets and cannot earn more than about $680 per month.

ABLE would allow would allow people with disabilities to establish savings accounts for daily and long-term expenses and contribute up to $14,000 annually, with tax free interest. The accounts could accrue up to $100,000 without affecting someone’s ability to obtain SSDI benefits.

To be eligible to open an account, a person’s disability must have occurred before he or she turned 26.

The House already passed ABLE by an overwhelming majority, 404-17, and it is awaiting Senate approval. It appears as though it will likely get support and could be approved immediately.

Sara Weir, interim president of the National Down Syndrome Society, told USA Today that it would have a tremendous impact on those with disabilities.

Qualifying for Social Security Disability

We are very excited about this bill. It is possible that by the time you are reading this, it will have gained its approval. If you have an interest in qualifying for disability benefits, you should speak to our attorneys.

To qualify for benefits you need to have earned work credits, meaning it is not an entitlement program. For further information on qualifications, we suggest you visit our FAQ page.

Troutman & Troutman, P.C. – Tulsa Social Security Disability attorneys

Source: http://www.cincinnati.com/story/news/politics/2014/12/04/lobbyist-personal-passion-boehners-help-push-disability-bill/19881405/

Categories

    I didn't think there was a caring professional considerate attorney firm on the planet, but Troutman & Troutman proved me wrong. From the receptionist to the legal assistance to the attorney and more they were exceptional people.

    - Robert S.

    They did a fantastic job getting everything gathered up and getting the trial done as quickly as possible. Anytime I had a question they were patient and help me understand what was going on. Especially Christy and Charlie were great.

    - Michael M.

    Steve Troutman was able to get my short-term and long-term disability for me. Then Erin another lawyer for their firm got my Social security disability for me. Great people.

    - Billy S.

    Mr. Troutman walked me through the entire process. Heather was available each time I called, answered all my crazy questions, and helped me fill out forms along the way. I was never treated like I was wasting time.

    - Julia C.

    Erin and Keith were fabulous! They were compassionate, helpful, and very responsive! They made the process very smooth and painless every step of the way.

    - Valerie W.

We Are Here to Help 

Free & Confidential Consultations
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.