People with long-term disabilities often secure the support they need through means-tested government benefits like Supplemental Security Income (SSI) or Medicaid. However, qualifying for these public programs requires recipients to have limited assets and income, making it challenging to pay other expenses not covered by government benefits. In New York, qualifying individuals can open Achieving a Better Life Experience (ABLE) accounts to accumulate and use assets or income without jeopardizing their benefits eligibility.
If you need help understanding the value of ABLE accounts in Greenburgh, NY, reach out to Amoruso & Amoruso LLP. Our experienced attorneys have nearly 60 years of combined experience helping New Yorkers with disability planning and other estate planning matters. Contact us today to arrange a consultation with a member of our law firm.
What Is an ABLE Account?
An ABLE account is a special financial account that allows disabled individuals whose disability began before age 26 to save money on a tax-free basis and still receive government benefits. Changes to federal law will adjust the age to 46 in 2026.
ABLE account holders can use their funds to pay for qualified disability expenses (QDEs) not covered by public benefits, such as transportation, employment training, and education. Withdrawals are tax-free as long as the money is spent on QDEs.
An ABLE account allows a disabled individual to hold up to $100,000 in deposits/assets, which will not be counted as part of their assets when determining their eligibility for disability benefits.
Benefits of an ABLE Account
The most important benefit of an ABLE account is its ability to preserve a disabled person’s eligibility for government programs like SSI, Social Security Disability Insurance (SSDI), Medicaid, and SNAP while still providing money for them to make approved purchases that enhance their quality of life.
From a broader perspective, an ABLE account allows the account holder or the person authorized to manage the account to exercise some degree of control over their finances, providing flexibility as long as earnings are spent on QDEs.
Finally, there is little to no cost to set up an ABLE account in New York, making it an attractive option for people seeking simplified solutions during disability planning.
How to Open an ABLE Account in Greenburgh, NY
Certain parties may open ABLE accounts in Greenburgh, including:
- Individuals whose disability began before age 26 (46 in 2026)
- An eligible individual’s legal representative
- A person or organization empowered to act on an eligible individual’s behalf under a power of attorney, guardianship, or conservatorship
- Spouse, parent, sibling, grandparent
- A Representative Payee appointed by the Social Security Administration
Individuals or their representatives can open an ABLE account through New York’s NY ABLE Savings Program with a starting balance of as little as $25 (or $15 with automatic payroll deductions).
Contact an Experienced Attorney for Disability Planning in Greenburgh, New York
At Amoruso & Amoruso LLP, our goal is Empowering You to Care for the Ones You Loveâ„¢. ABLE accounts can be a valuable way to provide financial security and support to disabled people without jeopardizing their access to vital public benefits. Call or contact our Greenburgh estate planning attorneys today to discuss your options.
