ABLE Accounts - What You Want to Know
ABLE United is Florida's ABLE program and is scheduled to begin providing services in Florida on July 1, 2016. The Achieving a Better Life Experience (ABLE) Act allows individuals with disabilities and their family and friends to deposit funds into an ABLE account while maintaining government benefits. ABLE accounts (not "Trusts") can be very helpful and a powerful tool for certain individuals with disabilities. Remember, to use an ABLE account the disability has to have occurred prior to age 26, so the eligible candidates will be limited. If a person can qualify, ABLE United states the account will be able to be opened online in about 15 minutes at their website: AbleUnited.com. Also remember contributions will initially be limited to a total of $14,000 per year. I have been getting a lot of questions about how Special Needs Trust (SNT's) compare to ABLE accounts. Here are a few of the similarities: -Both ABLE Accounts and SNT's can be exemp