The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: ac on January 05, 2018, 12:35:41 PM
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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!
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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 (can’t 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. There’s more to it, with some Medicare or Medicaid (can’t remwmber which) payback component upon death of the account owner/beneficiary. And then there’s 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 doesn’t want him to have any savings.