On Saturday, May 18, ABLE United hosted the 4th annual ABLECon, and participants from all over the state joined us for an exciting virtual event filled with insightful sessions and amazing guest speakers.
Here are some key takeaways from each of the sessions:
ABLE United 101:
- ABLE accounts allow individuals with disabilities and their families to save for future expenses while maintaining eligibility for public benefits, like Supplemental Security Income and Medicaid.
- Funds in an ABLE account may grow tax-free and can be used for qualified expenses (like education, housing, and health care), providing significant financial advantages.
- It’s free, simple, and takes just 15 minutes to set up. The account is owned by the individual with a disability, but an authorized person may also open and oversee the account.
Special Needs Trusts and ABLE Accounts
- Special needs trusts (SNTs) are vital for financial planning, allowing families to save for a beneficiary’s needs without losing government benefits.
- There are two types: first-party and third-party trusts.
- ABLE accounts are a great way to complement a Special Needs Trust and facilitate the payment of essential housing expenses without causing a reduction in benefits.
An Overview of Supported Decision Making:
- Supported decision making places the individual with the disability at the center of the decision-making process.
- Supporters help the decision maker understand the issues, options, responsibilities, and consequences; ask questions; receive explanations they can understand; and communicate their decision to others.
- SDM (HB 73) passed during the 2024 legislative session and went into effect July 1, 2024. The bill explicitly incorporates the concepts of supported decision making (SDM) and SDM agreements into state law.
Thanks to everyone who joined us and made ABLECon 2024 such a success!
If you missed any of the sessions, or want to rewatch your favorites, check out our YouTube playlist for all the recordings.
Las grabaciones en español también están disponibles en nuestro canal de YouTube aquí.
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