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ABLE Account Contribution Increase

Starting January 1, 2018 donations of $15,000.00 for the calendar year can be made to an ABLE account. This is an increase from $14,000.00. Additional good news is that Florida’s ABLE United fund is waiving its fee to open a new account.

An ABLE account helps a person with a disability save their earnings or, gifted monies and maintain their government benefits such as SSI and Medicaid. The account holder can be involved in communicating with the account administrator to determine appropriate disbursements. This promotes independence, dignity and helps teach fiscal responsibility.

Additionally, a person can have an ABLE account as well as a special needs trust and/or a pooled trust account. Whereas the law limits the amount that can be added to an ABLE account annually and also limits the total lifetime value of the account, there are no financial limitations on contributions to a special needs trust or, pooled trust account.

I welcome the opportunity to meet with you and explore the options that will meet your child’s needs and goals.

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Law Office of Stephanie L. Schneider, P.A.