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What does the Medicaid lien mean? 1/10/2023
- You have probably read in literature with the ABLE account that the ABLE account is what is called a “payback” account. What that means is, when the beneficiary (the disabled person) passes away, Alabama Medicaid can “lien” or become a creditor for the total amount of medical assistance paid. This...
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Record Keeping and ABLE Accounts 12/20/2022
- As long as the money in your Alabama ABLE account is used for eligible expenses, it won’t be counted as income for your state or federal taxes. But, if a purchase doesn’t qualify as an eligible expense, you’ll have to pay income taxes and a ten percent (10%) penalty on the amount. A qualified...
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Tax benefits of an ABLE account 8/18/2022
- The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to create tax-advantaged savings programs for eligible people with disabilities (designated beneficiaries). Funds from these 529A ABLE accounts can help designated beneficiaries pay for qualified disability expenses....
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How to Open an Alabama ABLE Account 5/31/2022
- Many families simply get overwhelmed by the ABLE application and start and stop the application many times. Below is a step-by-step guide on “how to” open your ABLE account. Once you have determined whether you or your loved one is eligible for an ABLE account, the next step is to apply for an...
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ABLE Accounts: Useful Tools in Special Needs Planning 4/01/2022
- In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Act. ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. It was created as a result of the passage of the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 or...
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Alabama Council on Developmental Disabilities 3/02/2022
- Did you know that there are self-advocate leaders shaping services and supports for persons with developmental disabilities in Alabama? The Alabama Council on Developmental Disabilities- ACDD for short, is a leadership board comprised of members who are self-advocates and family members of...
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A Heartfelt Gift 2/09/2022
- Valentine’s day will soon be here. It’s just around the corner. It’s a day when we acknowledge those people that are very special to us. We reach out with a gift of love and caring. Receiving a gift from one who loves you through your Alabama Able account would be a wonderful way for someone who...
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ABLE Basics 1/03/2022
- ABLE Accounts are a great vehicle for grandparents and family members to save for their loved ones! “What a bargain grandchildren are! I give them my loose change, and they give me a million dollars’ worth of please “ - Gene Perret What is ABLE? The ABLE ACT (Achieving a Better Life Experience) ...
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Budgeting for the New Year 1/03/2022
- “Tomorrow, is the first blank page of a 365-page book. Write a good one.” – Brad Paisley. The new year brings about opportunities to start things over, differently, or begin something altogether. As you prepare your household budget for 2022, there are some important considerations to think...
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Alabama ABLE Savings Plan Launches to Help Those with Disabilities Gain Financial Independence 5/17/2021
- Montgomery, AL (May 17, 2021) – Alabama State Treasurer John McMillan announced today the new and official Alabama Achieving a Better Life Savings Plan (Alabama ABLE). “Alabama ABLE is a tax-advantaged account designed to help make saving simple and achievable for individuals with disabilities,”...
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