June 23, 2017
Clients with disabilities who receive governmental benefits cannot have more than $2,000 in savings. If they do, they start to lose those much-needed benefits.
There is a new type of saving vehicle known as “ABLE Accounts” which permit people with disabilities and their families to save up to $14,000 a year without losing benefits. The accounts are somewhat similar to the 529 College Savings Plans. With ABLE accounts, money can be saved and can be used for anything that helps the life of the person with a disability.