Good News for Children with Disabilities

Do you have a child with a disability or do you know of a child with a disability?  I have some great news for you.  The state of Ohio has created opportunities for you to save money for that child without affecting certain benefits.

A STABLE account is an investment account available to eligible individuals with disabilities. STABLE Accounts are made possible by the federal achieving a Better Life Experience (“ABLE”) Act. STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI, or SSDI. Earnings in your STABLE Account are not subject to federal income tax, so long as you spend them on “Qualified Disability Expenses.”

You may put up to $14,000 per year and you have to stop contributing at $426,000.  The Stable account program allows you to invest the money how you want and you may make 2 changes per year.

This money grows tax free and you can spend it on “Qualified Expenses” like: Housing, transportation, employment training, personal support services, education, legal fees, assistive technology, and basic living expenses.

You can find out a lot more information by going to Stableaccount.com or calling 800-439-1653.  This article is a public service announcement for children with disabilities.  LPL Financial and Webb Financial Group LLC have no affiliation with the stable account program.  Please consult your advisor for more details.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual

Scott L. Webb CFS is the owner of Webb Financial Group LLC and can be reached at scott.webb@lpl.com or (740)454-6113 Securities are offered through LPL Financial,  member FINRA/SIPC


 

 

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