What is an ABLE account? | Corrine Poor, URS Advisory

🔹Able accounts are an incredible tool for people with disabilities to protect their much-needed public benefits while growing their savings. Here are some key points you should know: 👉 Able accounts allow people with disabilities to save and receive financial support up to certain annual limits, without affecting their eligibility for public benefits. 👉 These are tax-free savings accounts, which means your clients won't have to pay taxes on deposits or withdrawals, and the balance grows tax-free too. 👉 They offer added convenience with an Able Visa prepaid card to meet their expenses. 👉 Eligibility rule: The disability must have occurred before the age of 26. However, this limit is set to rise to 46 by January 2026. 👉It's crucial to note that while their account balances can affect SSI payments once they cross $100,000, it does not affect Medicaid or other public benefits. [00:00:00] What is an ABLE account? [00:00:49] How they are similar to a Roth IRA [00:01:30] Who is eligible for an ABLE account? [00:02:01] What can an ABLE account pay for? [00:02:42] Maximum ABLE account balance [00:03:11] How does an ABLE account work? [00:03:48] How do I get started? [00:04:02] Learn more about ABLE Accounts by contacting me directly 561-594-0100 or visiting Ursadvisory.com and reading our blogs on special needs planning. Opinions expressed herein are solely those of URS Advisory. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your financial adviser or qualified professional before making any financial decisions. Join our Email List: https://mailchi.mp/ursadvisory/stay-c... #ABLEaccounts #DisabilityBenefits #FinancialIndependence