ABLE Accounts - A Viable Solution in Some Settlements

Posted date in Public Benefits

ABLE accounts are a tool whereby settlement monies can be used for things normally the could not by simply having some of the settlement monies flow into an ABLE account.  The ABLE account can only be set up for someone who becomes disabled prior to age 26.  The account balance must stay below 100k to keep someone eligible for SSI.  Currently, an annuity could be used to fund the ABLE account to the tune of 14k per year.  That ABLE account can then be used to pay for things that normally an SNT can't pay for such as food & shelter.  To read a great NAELA overview article click HERE