People with developmental or other disabilities that began before they turned 26 years old can save money in special accounts known as ABLE accounts. These are a valuable tool for anyone who receives SSI and Medicaid, since it is the only way a person can save more than $2000 AND manage it themselves without losing SSI and Medicaid benefits they are otherwise entitled to.
ABLE accounts also provide some other neat benefits and in some situations can be used to increase the amount of SSI benefits paid. They can help families maximize the resources available to an adult child with special needs even if the child is not able to manage their own money. Used in conjunction with SSI benefits and a special needs trust, the ABLE account is proving to be far more beneficial than originally envisioned. Although not everyone can benefit from an ABLE account, it is worth talking with your attorney about to see if it can provide a little extra flexibiilty and resource for your disabled adult child. New Jersey residents can open an ABLE account in any state, but only one account is permitted per person.
http://www.ablenrc.org/state-review/new-jersey
Parker Counsel Legal Services provides legal consultation, along with estate planning, special needs trust preparation, and guardianship or alternatives to help parents prepare their adult disabled children for the future. For a short, free, phone call to duscuss your situation, give us a call at 833-RED-BOOT (833-733-2668) or email legal@parkercounsel.com