Our office has recently received inquiries from several clients regarding “ABLE accounts”. This is a new tool that has garnered much attention nationwide as a method of setting funds aside for a child with special needs without affecting eligibility for public needs-based benefits such as Medicaid and SSI.
To assess the value of an ABLE account for your child, it is important to understand what an ABLE account is, and what can and cannot be done with funds placed in an ABLE account. ABLE accounts are useful in some situations, but limitations associated with the funds that can be placed into the accounts and how they can be used restrict their usefulness. ABLE accounts will not solve all issues for children with special needs and they are not a panacea.
What is an ABLE Account?