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ABLE accounts (“Achieving a Better Life Experience”) allow an individual, who was disabled prior to age 26, to set up an account which allows the funds to grow tax-deferred and which will not be counted as an asset for public benefits the disabled person may be receiving as a result of their disability. One of the goals of the ABLE account is to encourage a disabled person to save his or her own funds to enhance the quality of his or her life; something that was not permissible to do previously if an individual was receiving certain government benefits. While the federal government passed this law to allow qualified individuals to have these accounts, it is up to each state to establish its own program. Currently, if a state does not have a program set up, the disabled individual can establish an account with a bank in a state that has a program in place. Connecticut has passed a law allowing ABLE accounts, and the program is in development, but not yet available. In the interim, any qualified Connecticut individual can set up an ABLE account in one of the states that has an approved program.
Quick facts about ABLE accounts:
While creating an ABLE account is not an option for many disabled individuals, it can be a valuable tool for those who do meet the criteria for owning such accounts by allowing them control and access over some funds while maintaining their SSI and Medicaid benefits.
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Gesmonde, Pietrosimone & Sgrignari, L.L.C. is located in Hamden, CT and serves clients in and around North Haven, Hamden, Waterbury, Bethany, Milford, Wallingford, Prospect, Woodbridge, Northford, Madison, Beacon Falls, Branford, Cheshire, North Branford, East Haven, Naugatuck, Meriden, Ansonia and New Haven County.
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