A speaker from the State Treasurer’s Office will come to the area to talk about ABLE accounts May 25th.
The speaker will be at the Hoover Theater in the Grundy County Jewitt Norris Library in Trenton from 5:30 to 6:30 that evening and at the Gary Dickinson Performing Arts Center from 7 to 8 o’clock.
University of Missouri Extension Grundy County Program Director Meredith Berry says each event will include thirty minutes of program and thirty minutes for a question and answer session.
Berry explains that Congress passed the Achieving a Better Life Experience Act in December 2014, and Missouri started the state level of ABLE accounts last week.
She says the accounts are open to eligible individuals with disabilities.
Berry says there is a list of disabilities included, which includes developmental disabilities or those acquired by an illness or mental illness.
She adds that the disability must have been diagnosed, or the individual must have had symptoms of the disability before the age of 26 to qualify.
The accounts allow individuals to save and invest money without losing their eligibility for public benefit programs, such as Medicaid, Supplemental Security Income, or Social Security Disability Income.
Berry considers ABLE to be a great program because benefits are not taken away from people with disabilities for saving money.
She says if someone saves around $100,000, that person’s SSI would be suspended until some of the money is spent down.
She adds that the dividends on ABLE accounts are tax exempt if used for qualified expenses, and Missouri residents can actually receive a tax deduction.
Berry adds that the Family and Friends of the Developmentally Disabled of Grundy County sponsors the meeting in Trenton, and New Horizons sponsors the meeting in Chillicothe.
