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Many people mistakenly believe that ABLE accounts only provide a benefit to those individuals with disabilities that are enrolled in programs that have asset tests or resource limits, such as Supplemental Security Income (SSI) and/or Medicaid. This is simply not true.
While ABLE accounts do help eligible individuals with disabilities save for their futures without jeopardizing their public benefits, it is not required that you be receiving public benefits in order to be an ABLE account owner. Additionally, there are significant financial advantages of being an ABLE account owner, that can often outweigh other types of long-term savings tools, regardless of whether or not you are on public benefits.
The purpose of this webinar is to focus on the advantages of being an ABLE account owner for individuals with disabilities who are not receiving public benefits. Topics will include:
- Eligibility Requirements for People with Disabilities Not Receiving SSI or SSDI
- Understanding ABLE-Related Tax Benefits (including tax-free growth and state income tax deductions)
- Medicaid Payback Provision (DOES NOT APPLY TO THOSE NOT ON MEDICAID)
- Profiles and Scenarios
- ABLE Account Testimonial
