Nearly 2 ½ years ago President Obama signed into law the Achieving a Better Life Experience Act of 2014 also known as the ABLE Act. Since the signing of that bill, States have been charged with the duty of establishing the systems which will allow persons with Special Needs and their families to save and accumulate up to $100,000 in an account for their benefit. Before the ABLE Act, people with Special Needs were essentially forced to spend down all of their assets in order to receive the crucial public benefits and services they needed to sustain. Now they have the ability to save a portion of their paychecks or receive gifts from family and friends to help supplement their lifestyles. The total of all annual contributions, regardless of the source, cannot exceed $14,000.
Earlier this year Pennsylvania became one of the first states to launch the ABLE Saving Program. Accounts can now be opened by visiting http://pa.savewithable.com
The set up process is easy and should take no more than 10 minutes if you have all of the required information to register readily available. You will want to gather the following details for both the account owner and the Guardian or Agent if one is being added to the account:
- Residential street address
- Social security or taxpayer identification number
- Birth date
- Your personal bank account number (to pre-schedule contributions from your personal checking or savings account)
- Driver’s License or State Issued ID with and ID number
An important note, if an Agent or Guardian is being added to the account, proof granting Agent Power or Guardianship needs to be submitted to the PA ABLE Processing team via US Mail. Once this is received and cleared, the account opening process will be finalized.
Thrive Wealth Management wrote a blog in August 2015 titled Able Act 101: A New Way to Support Disabled Individuals which details the specific of the ABLE Act program. Please read it if you would like a refresher on the topic.
As always, please do not hesitate to call our office with any questions about the ABLE Act or the related programs.
(267) 202-5158 | email@example.com
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