Utah ABLE Accounts

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Utah ABLE Accounts

ABLE Accounts Benefit Utah Residents with Disabilities


The Achieving a Better Life Experience (ABLE) Act is a law that allows for a Tax-advantaged savings account available to those with disabilities. These accounts are available by way of the ABLE Accounts are a BIG DEAL because account funds do not count against means based public benefits such as SSI, SNAP, and Medicaid which usually have a total asset limit of $2,000.

Am I ABLE Eligible?

The ABLE Act limits accounts to those with significant Disabilities with an age of onset before 26. Anyone who is already approved for SSI or SSDI and meets the age criteria is automatically eligible. For those over the age of 26, an account may still be created if a physician can certify the onset of disabilities occurred before the age of 26.

How Do I Set Up an ABLE Account?

While Utah does not currently have a program to administer these  accounts, the State does allow out of state plans. To see a list of States available to non-residents go to http://www.ablenrc.org/

How Much Money Can I Put into an ABLE Account?

As of 2018, an Account can receive up to $15,000 in total contributions every year. However, an account is exempt from SSI up to $100,000

What Expenses Can I Use ABLE Account Funds For?

ABLE Account funds can be used for “Qualified Disability Expenses” These are defined as any expense that assists a beneficiary in increasing or maintaining health, independence or quality of life. Examples include education, housing, transportation, employment training and support, assistive technologies, personal support services, health care expenses, financial management, legal, and more.

Are Utah ABLE Accounts the Same as a Special Needs Trust?

No, ABLE Accounts are basically just bank accounts that do not count against the government benefit asset limits. The money in an ABLE account is freely accessible by and considered the property of, the adult with disabilities. A Special Needs Trust on the other hand is an actual entity set up to hold money for the benefit of the person with special needs. The funds in the trust are not accessible the individual with special needs, rather a trustee manages the funds and decides when to spend funds for the person’s benefit. When a person with special needs passes away, the government may take the remaining funds from an ABLE account but will not be able to remove funds from a properly administered Special Needs Trust.

Learn More About ABLE Accounts & Special Needs Planning Today: 801-874-5644


                                                                                                                                                                                                                                                                     

 

 

 


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