Author Topic: ABLE Accounts  (Read 512 times)

ac

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ABLE Accounts
« on: January 05, 2018, 12:35:41 PM »
My brother is disabled. I've heard about ABLE accounts for a while now, but when I read up on them, it does not seem like a big deal.  I have not set one up for him, but I do wonder if I'm missing something.

Do you have real knowledge about ABLE Accounts?  If so, please tell me if there is something important about these that I should consider.

http://www.ablenrc.org/about/what-are-able-accounts

Thanks!

catccc

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Re: ABLE Accounts
« Reply #1 on: January 17, 2018, 10:03:00 PM »
My brother is also disabled and we are considering an able account for him.  He gets a small amount of social security but needs to keep his assets below a really small amount (canít remember exactly, maybe under $2k?) and if he exceeds the limit, he does not get his social security check.  Enter the able account is is exempt from the asset test, so he could actually save a little and still get his SS income.  Thereís more to it, with some Medicare or Medicaid (canít remwmber which) payback component upon death of the account owner/beneficiary.  And then thereís the whole uncertainty of what exactly counts as a qualified expense.  Sorry, I think I have more questions than answers...  but we are mainly interested in it as a way for him to have some financial security since SS basically doesnít want him to have any savings.