It has taken nearly two years but some states are finally acting on the ABLE laws and regulations.
The Achieving a Better Life Experience Act (ABLE), which was passed in 2014, allows people with disabilities to put up to $100,000 in state based accounts without losing Social Security benefits. But the act also requires states to take part and pass laws and regulations overseeing the program. Four states are moving into action to launch the program.
Disability Scoop reports in "First ABLE Accounts Expected This Summer" that Nebraska has announced that its program will begin on June 30, 2016. Ohio has not announced a launch date, but it might begin its program even sooner. Florida and Virginia are also expected to open their programs this year.
In good news for all people with a disability, Ohio, Nebraska and Virginia are not limiting their programs to state residents. Anyone in the country can enroll.
As the programs are expected to vary between states, people might want to go ahead and enroll in one of those three states. The accounts can later be rolled over to another state if a better program opens up.
It is advisable that families consult with an estate planning attorney to learn about the restrictions on ABLE accounts and whether a special needs trust may benefit their situation.
Reference: Disability Scoop (May 10, 2016) "First ABLE Accounts Expected This Summer"