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Limitations of ABLE Act

By Gerry W. Beyer

Law1As I have previously discussed, the recently passed ABLE Act allows for disabled individuals to set up a tax-free savings account that will not act to disqualify the individual from receiving disability benefits. However, an individual who is qualified to have an ABLE account is limited. Here are some disqualifiers from ABLE eligibility:

  • The individual developed their disability after turning 26-years-old.
  • Inability to get a doctor to certify the disability as a “severe and chronic mental or physical impairment.”
  • The state that the individual lives in does not adopt and implement the ABLE Act.

See Robert Deschene, ABLE Act Not For Everyone, Deschene Law, Dec. 26, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

Posted in:
Disability Planning - Property Management, Estate Planning - Generally, New Legislation and Non-Probate Assets