"Congress in a Giving Mood to the Disability Community This Holiday Season," Says Ryan Platt, Founder of A Special Needs Plan.

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The ABLE Act is finally passed after years of being discussed in Washington, and now can begin to be utilized as a tool in Special Needs Planning.

Ryan F. Platt, MBA, ChFC, ChSNC

The ABLE Act and the resulting ABLE Accounts will provide individuals with a disability the same right to save money that those without disabilities have always enjoyed.

With a rare bipartisan vote, the House and Senate sent The ABLE Act to the President’s desk where it was signed into law before the Christmas holiday.

The ABLE Act allows individuals who were deemed disabled before the age of 26 to save money in specific accounts and not jeopardize necessary government benefits. Before The ABLE Act was passed an individual with a disability who relied on government benefits like SSI and Medicaid could not save more than $2,000 or else they would lose healthcare benefits, as well as home and community supports which would mean they could lose housing as well as job supports which would also cause a loss of employment.

“The ABLE Act and the resulting ABLE Accounts will provide individuals with a disability the same right to save money that those without disabilities have always enjoyed. The ability to work and save money provides a deep feeling of accomplishment, confidence and success. These feelings will help those with disabilities reach levels of independence not seen in the past,” states Ryan Platt, Founder of A Special Needs Plan and creator of SpecialNeedsKnowledge.org Ryan Platt does provide a warning, however, especially to parents and grandparents regarding the ABLE Act and the resulting ABLE Accounts which hopefully will be available by the end of 2015.

“As we continue to research the details of this new law, we are realizing exactly how to use them and how NOT to use them. For most families these accounts will not replace other lifetime planning tools such as Special Needs Trust due to 3 main drawbacks:

  • Annual Funding limitations of The ABLE Accounts
  • Maximum funding of $100,000 before losing SSI (a monthly income that is used for many individuals to fund housing and other necessary life-long supports)
  • Payback Provision to Medicaid at the passing of the individual with the disability

"We are beginning to develop strategies that will optimize the benefits provided by The ABLE Act, while maximizing government services and preserving family resources to ensure a great life for each member of the family! In the planning process it is rare that you find one tool that can accomplish all your goals, and The ABLE Account is no different. Using them as a piece of an overall strategy will be very powerful!”

Founder of A Special Needs Plan, Ryan Platt will present on the ABLE Act in a webinar on Friday, January 16th at 2pm EST with host Keith Caldwell from Our Special Needs Children. Please register for this webinar HERE!

More about A Special Needs Plan:

A Special Needs Plan is a special needs planning firm founded in the belief of L.I.F.E. – Lasting Independence For Everyone™. They are an advisory firm with a mission of helping more than a million families secure that Independence throughout their child’s life. To learn more visit aspecialneedsplan.com or specialneedsknowledge.org.

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