Now that this has passed the Senate, and is on its way to the President for his signature, I’m sure all of us have many questions about this new type of bank account that will help disabled people live more independently.
Here are the questions I asked Senator Baldwin:
I am overjoyed at the passage of ABLE Act since I have a disability. I have an Autism Spectrum Disorder, and would like to know if I will qualify to have one of these accounts. When will the rules be established as to the requirements for this account? How long will this process take before banks will be able to offer this account? Can you identify who is involved in making the rules, is there a committee, if so who is the chairman? Thanks for your help Senator Baldwin! And Merry Christmas!
Update – July 2015
The ABLE has been assigned to the Joint Finance Committee, and the Dept. of Revenue has issued its financial impact statement and how it might affect other government budget accounts. The important thing is how limiting it is for those who can use this type of account. Since I am able to live an independent life and make financial decisions, it is extremely unlikely that I will be able to open an ABLE account. For those that have a guardian, you are limited to how much you can deposit and use as a tax shelter, something like 20 thousand per year. While this helps a little, for those with government funding it is quite small. Also, when the authorized person dies any remaining funding in the account goes back to the state because of the benefits received from other social security programs.
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