ABLE UNITED Workshop Held in Tallahassee

The Northwest Region-2 Family Care Council facilitated a workshop on ABLE United Accounts on April 11, at the North Florida Financial Corporation in Tallahassee. John Finch, Director of ABLE United, provided an overview. ABLE United Accounts are tax-free savings accounts to support disability expenses while maintaining benefits. Individuals must be Florida residents at the time of application and have a qualifying disability with onset prior to age 26. Accounts are opened online in 15 minutes with no documents or approval process. Individuals can save up to $14,000 per year, and anyone can contribute to the account. Funds can be withdrawn at any time, and there is no tax if used for qualified expenses. During his presentation, Finch also discussed how the Social Security Administration will begin monitoring these accounts soon. For more information or to open an account, go to http://www.ableunited.com/. Individuals can also call 1-888-524-2253 or email customerservice@ableunited.com for more information. John Curry with North Florida Financial discussed how ABLE accounts fit in with overall financial planning.

Attorney Lauchlin Waldock shared how special needs trusts can complement ABLE United Accounts and compared the benefits of each. There are three types of special needs trusts: First Party Special Needs Trusts, Third Party Special Needs Trust (NO Medicaid Lien), and Pooled Special Needs Trusts. Language in Special Needs Trusts (SNT) can be modified to fund ABLE accounts annually, thereby reducing SNT fees. A webinar on special needs trusts can be viewed at https://www.youtube.com/watch?v=y-k1vtiJtlg

John Finch, Director of ABLE United, provided an overview.