Koinonia Homes and Butcher Elder Law have partnered together to offer a special ABLE Account Seminar on June 22nd, 2017 at 6:30 p.m. in the Strongsville Library at 18700 Westwood Dr, Strongsville, OH 44136 (Conference Room). The seminar is designed to help people who have disabilities and their families understand how to take advantage of ABLE Accounts for disability-related expenses.
“ABLE Accounts have features like normal bank accounts, but are also investment accounts,” said Diane Beastrom, President & CEO of Koinonia, “they give people with disabilities more independence and financial security.”
Until recently, accumulating as little as $2,000 in savings spelled disaster for people who rely on federal assistance with medical bills and living costs – because even that moderate amount was enough to render them ineligible for disability benefits through Medicaid or Supplemental Security Income. Luckily, that’s now changed.
The federal ABLE Act, passed in 2014, made way for new state programs – modeled after 529 savings plans – that let people with disabilities, and their families, put aside up to $14,000 a year to be used for a wide variety of disability related costs, including living expenses. The most important shift: Money in these accounts won’t count against the $2,000 asset limit. In 2016, Ohio became the first state in the nation to offer an ABLE account called the STABLE account. ABLE accounts are now available in 18 states across the country.
Topics addressed during the seminar include understanding the purpose of ABLE accounts, and how they function, understanding the disadvantages/advantages of an ABLE account versus a Special Needs Trust, and other key differences between the two. Attendees will also learn about options available to invest in ABLE accounts in other states, along with key factors like fees, potential tax benefits, and alternative investment management firms that are important to take into account when considering an ABLE account outside of Ohio.
“We are happy to share information that can help build a brighter financial future for people with disabilities and their families,” said Sam Butcher, founder of Butcher Elder Law, “the ability to work and save money provides a deep feeling of accomplishment, confidence, and success.”
Butcher Elder Law is a law firm in Strongsville Ohio that has distinguished itself by educating people on the complex areas of estate and Medicaid planning, allowing them to make informed choices that benefit themselves and their families. To learn more about Butcher Elder Law, visit http://www.butcherelderlaw.com/
RSVP’s are required, please RSVP by phoning Ann at (440) 268-8284. To learn more about ABLE accounts in general, visit http://www.ablenrc.org/about/what-are-able-accounts