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July 6, 2021

ABLE ACCOUNTS (Achieving a Better Life Experience )

Achieving a Better Life Experience, ABLE Accounts, can be an integral part of your special needs child’s financial life when considering savings for expenses while keeping their SSI (Supplemental Security Income), and MediCal/Medicaid benefits in place.

As special needs parents, one of our main concerns is the well being of our children.  No different from any other parent, but, I’m sure you would agree, that there can be, depending on the disability, a great number of added concerns and needs that we are challenged with on a daily basis. So, how can we know that we are doing the best for them now, and be preparing for their needs in the future, without adding more to our already full plate? That is where an ABLE Account can help.

ABLE Accounts were first introduced through the Achieving a Better Life Experience (ABLE) Act of 2013. (S. 313/H.R.647)  On December 3, 2014, the ABLE Act passed in the House of Representatives, and then by the Senate on December 19, 2014.  Giving special needs adults more independence through the accessibility of funds to pay for their everyday expenses. Meaning; since they will be the beneficiary of the account, they will  have direct access to their own money to pay for their own needs.  There have been a few amendments to the original law over the past few years, but the changes have been minimal, and what we have in place today can give you and your child another tool towards independence.

What is an ABLE account?  Briefly, it is safe harbor for funds that would otherwise endanger your child’s benefits.  What do I mean by that?  Well, one of the biggest problems facing most on SSI and MediCal/Medicaid is going over the $2,000 threshold of assets. That is the amount of money the Government says you can not have more than before they come for your benefits.  Trust me, they will come!

So how can an ABLE account help prevent this from happening?  I’m glad you asked.  You can put that “dangerous” surplus of money, that you have accumulated in your bank account, into the ABLE account, and it is sheltered from being counted against you, to the tune of $15,000 per calendar year ( January-December) and $100,000 in total!  Anyone can contribute, the disabled child or adult is the beneficiary, and it is sheltered from taxes when taken out for QDE’s (Qualified Disability Expenses), and if it grows over time the taxes are deferred.

Some of the ways that an ABLE account can help foster independence in your special needs child/adult, is it gives them access to “their” own money so they can supplement their monthly expenses.  For example: money for transportation, medical co-pays, also prescriptions. This gives them a sense of personal freedom, that can only come from taking care of your own immediate financial needs.  Not having to ask for help can give anyone a feeling of personal satisfaction, especially a person with a disability who has had to rely on others most of their lives.  Being an included, and productive member of society is what we want for our children, and an ABLE account can be one of the tools to help get them there.

If you would like more information about ABLE accounts please email us at ConsultWithMark@yahoo.com

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Introduce Yourself (Example Post)

This is an example post, originally published as part of Blogging University. Enroll in one of our ten programs, and start your blog right.

You’re going to publish a post today. Don’t worry about how your blog looks. Don’t worry if you haven’t given it a name yet, or you’re feeling overwhelmed. Just click the “New Post” button, and tell us why you’re here.

Why do this?

  • Because it gives new readers context. What are you about? Why should they read your blog?
  • Because it will help you focus your own ideas about your blog and what you’d like to do with it.

The post can be short or long, a personal intro to your life or a bloggy mission statement, a manifesto for the future or a simple outline of your the types of things you hope to publish.

To help you get started, here are a few questions:

  • Why are you blogging publicly, rather than keeping a personal journal?
  • What topics do you think you’ll write about?
  • Who would you love to connect with via your blog?
  • If you blog successfully throughout the next year, what would you hope to have accomplished?

You’re not locked into any of this; one of the wonderful things about blogs is how they constantly evolve as we learn, grow, and interact with one another — but it’s good to know where and why you started, and articulating your goals may just give you a few other post ideas.

Can’t think how to get started? Just write the first thing that pops into your head. Anne Lamott, author of a book on writing we love, says that you need to give yourself permission to write a “crappy first draft”. Anne makes a great point — just start writing, and worry about editing it later.

When you’re ready to publish, give your post three to five tags that describe your blog’s focus — writing, photography, fiction, parenting, food, cars, movies, sports, whatever. These tags will help others who care about your topics find you in the Reader. Make sure one of the tags is “zerotohero,” so other new bloggers can find you, too.

Categories
Uncategorized

Introduce Yourself (Example Post)

This is an example post, originally published as part of Blogging University. Enroll in one of our ten programs, and start your blog right.

You’re going to publish a post today. Don’t worry about how your blog looks. Don’t worry if you haven’t given it a name yet, or you’re feeling overwhelmed. Just click the “New Post” button, and tell us why you’re here.

Why do this?

  • Because it gives new readers context. What are you about? Why should they read your blog?
  • Because it will help you focus your own ideas about your blog and what you’d like to do with it.

The post can be short or long, a personal intro to your life or a bloggy mission statement, a manifesto for the future or a simple outline of your the types of things you hope to publish.

To help you get started, here are a few questions:

  • Why are you blogging publicly, rather than keeping a personal journal?
  • What topics do you think you’ll write about?
  • Who would you love to connect with via your blog?
  • If you blog successfully throughout the next year, what would you hope to have accomplished?

You’re not locked into any of this; one of the wonderful things about blogs is how they constantly evolve as we learn, grow, and interact with one another — but it’s good to know where and why you started, and articulating your goals may just give you a few other post ideas.

Can’t think how to get started? Just write the first thing that pops into your head. Anne Lamott, author of a book on writing we love, says that you need to give yourself permission to write a “crappy first draft”. Anne makes a great point — just start writing, and worry about editing it later.

When you’re ready to publish, give your post three to five tags that describe your blog’s focus — writing, photography, fiction, parenting, food, cars, movies, sports, whatever. These tags will help others who care about your topics find you in the Reader. Make sure one of the tags is “zerotohero,” so other new bloggers can find you, too.