According to DisabilityScoop.com, state treasurers met recently in Chicago to discuss how to implement tax-exempt savings plans for the disabled under the Achieving a Better Life Experience or ABLE Act.
As we reported earlier this year, ABLE, signed into law by President Barack Obama, allows for tax-free savings accounts for people with disabilities and their family members, similar to college savings accounts. To qualify for an account, people must have a condition that occurred before age 26, with funds being used for items like education, health care, transportation, housing and other expenses.
For people who may collect Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits, this is a big deal because the accounts will not affect their ability to receive payments.
In many states, the treasurer’s office will be responsible for the implementation of ABLE accounts—in the Chicago meeting, those who attended discussed how to “implement the process efficiently and make the plans as user-friendly as possible.”
DisabilityScoop.com reported that people in the disability community are excited about the ability to save money for services without ramifications. It remains unclear when Oklahoma will begin to allow people to open accounts, as each state is going to have to change its laws to implement the changes under the act.
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The ABLE process is still ongoing. It is our hope that the Oklahoma legislature will make changes to the state’s existing 529-funding laws soon, which would allow ABLE accounts to exist. Many people in the disability community are urging our politicians to do this in the next year. Continue to follow our blog for more information about this subject.
If you are interested in obtaining SSDI, you must have paid into the program and have earned work credits. For more information about the process, you can visit our FAQ page. If you need help obtaining benefits, contact our Tulsa Social Security lawyers.
Troutman & Troutman, P.C. – Tulsa Social Security Disability lawyers