Unlocking ABLE Act Benefits: A Guide for Families with Disabilities

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This episode of Advice From Your Advocates Podcast is especially helpful for anyone concerned with financial security for a loved one with disabilities. Join host Attorney Bob Mannor as he discusses upcoming changes to the ABLE Act.
The ABLE Act (Achieving a Better Life Experience) is a program that provides financial support for individuals with special needs or disabilities who are on Medicaid or Social Security Disability. It allows for contributions to an ABLE account, which provides financial support without affecting disability or medical benefits. In this insightful discussion, we navigate the nuances of providing financial support without endangering Medicaid or SSI benefits. Hear about the increase in the age limit for eligibility and the empowerment of individuals with disabilities to create their own special needs trusts.
We also explore why the ABLE Act is a great option for families with children or grandchildren with special needs, as it allows for more flexibility in spending compared to a special needs trust.
This episode isn't just a rundown of facts; it's an essential resource for families and professionals seeking to maximize support for those with disabilities.

Takeaways

• The ABLE Act provides financial support for individuals with special needs or disabilities on Medicaid or Social Security Disability.
• Contributions to an ABLE account do not affect disability or medical benefits.
• It is important to determine disability before age 26 to participate in the ABLE Act program, but changes may be on the horizon
• The ABLE Act allows more spending flexibility compared to a special needs trust.

Host: Attorney Bob Mannor
Executive Producer: Savannah Meksto
Learn more about Mannor Law Group.

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ABOUT US:
Mannor Law Group helps clients in all matters of estate planning and elder law including special needs planning, veterans’ benefits, Medicaid planning, estate administration, and more. We offer guidance through all stages of life.
We also help families dealing with dementia, Alzheimer’s disease, Parkinson’s disease, and other illnesses that cause memory loss. We take a comprehensive, holistic approach, called Life Care Planning. LEARN MORE...

Chương

1. Understanding the ABLE Act for Disabilities (00:00:00)

2. Overview of the ABLE Act (00:02:47)

3. Eligibility and Importance (00:03:40)

4. Benefits of the ABLE Act (00:04:10)

5. Using the ABLE Account (00:06:32)

6. Considerations for Contributions (00:07:28)

7. ABLE Act and Special Needs Trust (00:08:23)

8. Expert Advice and Disinheritance (00:09:19)

9. Choosing an ABLE Account (00:09:46)

10. Contribution Limits and Payback (00:10:46)

11. Maximizing the ABLE Account (00:12:40)

12. Future Changes to the ABLE Act (00:13:38)

13. Comparison with Special Needs Trusts (00:15:13)

14. Understanding the ABLE Act Options (00:15:19)