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📌 Planning Beyond ABLE Accounts and Special Needs Trusts: Exploring Additional Resources for Families with Special Needs

Planning for a loved one with special needs requires careful consideration of financial, legal, and community-based support systems. While ABLE accounts and Special Needs Trusts (SNTs) are valuable tools, they are not the only options available. Families can benefit from a broader approach that incorporates multiple resources to ensure a stable and secure future for their loved one. 🏡💙

🔹 1. Understanding ABLE Accounts

An ABLE account is a tax-advantaged savings account designed to help individuals with disabilities save for qualified expenses without jeopardizing their eligibility for essential government benefits like Supplemental Security Income (SSI) and Medicaid. 💰📊

✔️ Key Benefits of ABLE Accounts:

  • ✅ Tax-Free Growth: Earnings and withdrawals for qualified disability expenses are tax-free.
  • ✅ Government Benefit Protection: Funds in an ABLE account (up to $100,000) do not count toward SSI resource limits.
  • ✅ Flexible Spending: Can be used for education, housing, transportation, healthcare, assistive technology, and other essential needs.
  • ✅ Annual Contribution Limit: $17,000 per year (2024). 📅

👤 Who Can Open an ABLE Account?

The individual must have a disability that began before the age of 26 (expanding to age 46 in 2026). They must meet the criteria for SSI or Social Security Disability Insurance (SSDI) or have a physician-certified disability. 🩺✅

🔗 For more details on ABLE accounts, visit the ABLE National Resource Center.

🔹 2. Special Needs Trusts (SNTs): Protecting Financial Resources

A Special Needs Trust (SNT) allows families to set aside money or assets for a loved one with a disability without affecting government benefits. This type of trust ensures that funds are used for the beneficiary’s well-being while maintaining eligibility for programs like SSI and Medicaid. 🏦💡

📚 Resources for Further Information: