Living with a disability is difficult both on the person his or herself as well as the family. Many family members set aside money or specific accounts, such as trusts or bonds, for those who are unable to work to live off of should the need arise. One such type of financial account is known as an ABLE account. What exactly is an ABLE account and what are some good reasons why you should take advantage of one if you qualify?
ABLE accounts were created in 2014 under the Achieving a Better Life Experience Act. This federal law allows for individuals and families with a low enough income to be able to receive very good interest rates and extra financial assistance within a special savings account. This exceptional financial gain is the most important reason why having an ABLE account is a good idea, as you would be able to acquire additional funding to fit the situation that you’re in. Secondarily, it will provide income for disabled individuals for many years later, after family members retire, pass away, or are otherwise unable to work themselves.
While an ABLE account is effectively a savings account, there are resources you can use if you put money into it that are beneficial to one’s financial future. There are options to invest the money submitted into ABLE into more than just interest gains, such as trusts or stocks. Though there are some risks to some of these options, it is a good idea and the advisors with the program can help you as well, which is an additional benefit.
In order to maintain an ABLE account, you must prove and continue to prove that you meet the low-income standards that the system was designed for. If you are denied ABLE, but believe that you qualify anyways, there may be legal options for you to pursue. To learn about how we at the Franco Law Firm can help you pursue these options and to schedule a free consultation with us today, please call (813) 872-0929.