by Thomas D. Begley, Jr., CELA<\/p>\n
New Jersey has passed the Achieving a Better Life Experience ACT (\u201cABLE\u201d). While the Act has passed, it will take some time to implement. Many commentators believe that by Fall accounts will be able to be opened.<\/p>\n
Under the ABLE Act, people with disabilities and their families may set up special savings accounts similar to 529 Plans to be used for disability-related expenses. Earnings on these accounts are non-taxable. Generally, if the fund does not exceed $100,000, it will not be counted for Supplemental Security Income (\u201cSSI\u201d) purposes. If the fund exceeds $100,000 then SSI will be suspended, but Medicaid can be continued so long as the total amount in the account does not exceed the amount authorized for 529 Plans. To be eligible, an individual must become disabled prior to age 26 and be disabled. If the individual receives Supplemental Security Disability Income (\u201cSSDI\u201d) or SSI (more…)<\/span><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" by Thomas D. Begley, Jr., CELA New Jersey has passed the Achieving a Better Life Experience ACT (\u201cABLE\u201d). While the Act has passed, it will take some time to implement. Many commentators believe that by Fall accounts will be able…<\/span><\/p>\n