Late in 2014, the ABLE (“Achieving a Better Life Experience”) Act was signed into law. The law is aimed at achieving a manner in which those with special needs can save money without losing needs based public benefits such as SSI or Medicaid . This is an important issue and, perhaps the greatest accomplishment of the Act is that it brings attention to this valuable community and addresses a serious struggle that they face. The fact that the ABLE act had strong bi-partisan support is encouraging for the special needs community and those who serve it.
While an ABLE account does not replace other tools, like special needs trusts, it is a tool that adds an option for us in serving our clients with special needs. In this issue of the ElderCounselor, we will discuss the new law, when it applies, its limitations and its uses. We are hopeful this will give you a general understanding of the Act.