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STABLE/ABLE Accounts

STABLE accounts (State Treasury ABLE accounts) are a relatively new way to help individuals with disabilities save money and pay for qualified disability-related expenses. These are state-supported ABLE (Achieving a Better Life Experience) accounts. For the first time ever, people can enjoy tax-advantaged savings, usually without endangering eligibility for means-tested benefit programs such as SSI and Medicaid.

Contributions to a STABLE account can be made by anyone, from the account owner to family, friends, and loved ones, helping more people play a part in creating a better quality of life. For people with disabilities, STABLE makes saving easier than ever, resulting in more independence, greater financial security, and a better quality of life. Talk with Elder Law Lawyers about a tax-free ABLE account that allows people with disabilities to plan for their future.

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Establishing Quality of Care

Creating STABLE/ABLE Accounts in Lexington, KY

STABLE/ABLE accounts can drastically improve the lives of people with disabilities in Lexington, KY. STABLE accounts are designed to be flexible, easy to manage, easy to contribute to, and easy to use for qualified expenses. Participants can use their STABLE account to pay for a wide range of qualified disability-related expenses beyond just medical care.

Assess

We guide you through understanding your options, explaining how a STABLE/ABLE account will affect your life, and assessing its suitability for your circumstances.

Establish

Our disability attorneys draw up the paperwork and support you through the creation and management process, making it easy to contribute to and spend these funds. 

Enjoy

Rest easy knowing that our team has helped you cover all the bases in preparation for an improved quality of life and stronger financial security.

Understanding Public Benefits

What is a Kentucky STABLE/ABLE Account?

Many disabled individuals and the families that provide for them struggle financially due to the government’s caps on the finances of individuals with disabilities. Kentucky’s STABLE Act legislation allows every single eligible Kentuckian to set up a STABLE account program, expanding economic freedom by allowing individuals and their families to work and save to pay for disability-related expenses. Although Kentucky has not implemented the program, any active state program that allows out-of-state participants may be used.

If you or a loved one has a qualifying disability that began before the age of 26, up to $14,000 each year can be saved in a STABLE account without affecting Medical Assistance (MA), Supplemental Security Income (SSI), and most other benefits as long as all other benefits rules are met. Contact Elder Law Lawyers today to learn more and take the necessary steps toward accessing these advantages.

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Your STABLE/ABLE FAQs

In April 2016, Governor Bevin signed Senate Bill 179 into law, allowing Kentuckians to establish ABLE accounts. The Kentucky law (STABLE Kentucky) is a state version of the ABLE Act that Congress passed in late 2014.

You can visit the STABLE Kentucky website to learn more or contact Elder Law Lawyers for a personalized consultation where we can explain this and other aspects of STABLE/ABLE.

Savings placed in STABLE accounts by disabled Kentuckians or their families will generally not be taxed or considered resources for the supplemental security income (SSI) program, Medicaid, and other federal means-tested benefits.

For a detailed look at how a STABLE account might affect your finances, contact ELL for a consultation.

A qualified disability expense is defined as any expense related to the designated beneficiary resulting from living a life with disabilities. The qualified disability expense is basically what is permitted by the SSI rules from a special needs trust. Some examples of different types of qualified disability expenses may include:

  • Education
  • Housing
  • Transportation
  • Employment training and support
  • Assistive technology
  • Personal support services
  • Health care expenses
  • Financial management and administrative services
  • Other expenses which help improve health, independence, and quality of life

For a more detailed understanding of how an ABLE account can be opened, please contact our team, and we’ll be glad to assist.

A total of $100,000 tax-free can now be accumulated in a special STABLE account without affecting SSI payments, which is limited to one person. If and when a STABLE account exceeds $100,000, the beneficiary’s SSI cash benefit will be suspended until the account falls back below $100,000.

It is important to note that while the beneficiary’s eligibility for SSI cash benefit is suspended, this has no effect on their ability to receive or be eligible to receive medical assistance through Medicaid.

Prior to the STABLE Act, individuals were not allowed to have assets totaling more than $2,000 or earn more than $680 per month without forfeiting eligibility for government programs like Medicaid. This was particularly worrisome for families, considering that Medicaid is often the only healthcare option available for persons with significant disabilities.

For a personalized look at how you can open a STABLE account, contact Elder Law Lawyers for a no-obligation consultation.

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Reach Out to Us

Instead of worrying about your loved one’s future, make a difference by contacting our disability attorneys. A consultation with Elder Law Lawyers will empower you to make decisions that ensure financial security. Our team can accommodate various budgets and tailor solutions to your family’s specific requirements.

Whether you require assistance establishing a special needs trust to safeguard assets or help with trust administration and management, our professionals will support you every step of the way. Contact us today for assistance in securing a brighter and more stable future for your loved one through our specialized services in special needs trust and administration.

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