An email to Senator Baldwin regarding the ABLE account

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.

Al Kutil
Tel: (608) 334-1449

“Believe you can and you’re halfway there.”

About akutil86

Diagnosed with Aspergers at 34, this blog chronicles some of the life events I've gone through, and how I hope to help others on the Autism Spectrum. Posts that are personal opinions will be moving to another Wordpress site by the end of the year; for those looking for help with autism, I hope you will continue to visit and spread the word about the articles that most of the time are links to something I read. Please let me know what challenges you are facing, and I will do my best to address them. Thanks for reading my blog!
This entry was posted in Financial, Government. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s