GiftofCollege’s Post

In 2014, The ABLE (Achieving a Better Life Experience) Act began to make life better for those with disabilities by allowing them and their families to continue saving and investing through tax-free savings accounts. This legislation empowers those individuals to secure employment and actively participate in society. However, three ABLE provisions are set to expire in 2025. According to the United States Senate, the expiration of these provisions would create barriers for individuals with disabilities to save for future needs, while also ensuring use of federal safety net programs. New legislation (ENABLE) was introduced in the Senate on June 13, 2024, and passed by Senate on September 19, 2024 would permanently protect these provisions into law. The ENABLE (Ensuring Nationwide Access to a Better Life Experience) Act would make ABLE to Work, ABLE Saver’s Credit and the 529 college savings plan to ABLE rollover provision permanent! Over 162,000 ABLE accounts are available to families, with annual savings amounting to $1.74 billion for account holders. Learn more about #ABLE accounts via ABLE National Resource Center : https://lnkd.in/dwFRpSn

💡 As we celebrate Disability Pride Month and honor our loved ones with Disability, we'd like to take a moment to ensure you are familiar with the importance of the Able Act. 💡 The ABLE Act creates state-sponsored, tax-free savings accounts for disability-related expenses. 💡 The state-sponsored programs enable individuals with disabilities, as defined under IRC Section 529A, to save without affecting their eligibility for Social Security, Medicaid or other important public benefits. 💡 Each state is responsible for establishing and operating an ABLE program. 💡 Approximately 47 states have passed legislation to support ABLE programs. 💡We'd love to share more. Just comment below or message us that you'd like more information. #disabilitypridemonth #ABLEAct #themoreyouknow #inclusionmatters #protectyourfamily https://lnkd.in/gFKh4aKr

If you're planning for the future and have a disability, the Registered Disability Savings Plan (RDSP) is a fantastic tool. Starting early with an RDSP can make a huge difference for your financial security. The RDSP offers amazing benefits, including government grants and bonds. The government can match your contributions with up to 300% in grants. If you qualify for the Disability Savings Bond, you could receive up to $1,000 annually—even if you don’t contribute yourself! Plus, contributions grow tax-deferred, and withdrawals are tax-free. The earlier you start, the more you benefit from compound growth and government matches. Regular contributions, even small ones, will grow faster and provide a solid foundation for future expenses related to disability. Starting an RDSP early is a smart move for securing your financial future. Don’t wait—take advantage of these benefits today! #DisabilitySavings #FinancialSecurity #GovernmentGrants #CompoundGrowth #FuturePlanning #DisabilityBenefits #CanadaCaregiverCredit #ChildDisabilityBenefit #DisabilityTaxCredit #CanadaPensionPlanDisability #OntarioDisabilitySupportProgram

The best part about VA Disability Pay is that it’s consistent, dependable, and PASSIVE. Oh yeah, and tax-free! But what if I told you that the ADPI community is not stopping after even some of us get 100% VA Disability and/or military pension? After all, if you could go beyond your disability income, wouldn’t you want to do whatever it takes? For a lot of military families, the thought of generating another stream of income without the help of the government sounds unrealistic. Call it insecurity. Call it doubt. Call it just a simple lack of trust. The reality is, that creating more income for yourself is NOT taught in high school or in the military. Why would it be? Shouldn’t that be reserved for business owners? Well, regardless of what your opinion is on the matter, there is a way to create more income for you and your family. Beyond your potential pension. Beyond your potential disability income. And there are THOUSANDS of members inside this very community doing just that by investing in real estate and supporting each other in their efforts. In fact, some have grown these income sources to be far beyond what their active duty military paychecks were. Reality check 🚨 👉 Americans who OWN their home are 40x wealthier (on average) than those who rent. And this is true at EVERY single income level. Therefore, whether you are still Active Duty and you’re just starting to plan out your transition OR you are a veteran and already have a pension or some disability income, we would like to invite you to join us at the Active Duty Passive Income Conference (a.k.a. ADPICON!) in Denver, CO, 24-26 October! But, tickets go up in price after every few dozen sales, so if you are serious about this, I recommend you jump on it ASAP. Bring your friends. Bring spouse. Bring your family. Comment “DENVER” if you want the link to grab your ticket $50 off!

💡 Let’s Talk About Taxes and Disability Planning 💡 Taxes are a necessary part of life, but when it comes to disability planning, there’s more to consider than just reducing your tax bill. As a parent of a child with a disability, I get it—taxes can feel overwhelming. But here's the thing: while tax planning is important, it shouldn’t be the driving force of your financial strategy. Whether it's managing Special Needs Trusts, navigating Social Security benefits, or understanding the complexities of retirement accounts and ABLE accounts, every family’s situation is unique. There’s no one-size-fits-all solution, and trying to handle it alone can lead to costly mistakes. In this week's Waypoints article, I break down why Special Needs Trusts aren’t “tax-friendly” but remain crucial for securing your child’s financial future. I also explore the tough trade-offs families often face and why working with professionals—like a skilled Trustee—is key to creating the right plan for your loved one’s lifetime care. 📢 Ready to dive deeper into the nuances of tax and disability planning? Read the full article and subscribe to my Substack to stay informed!👇 #SpecialNeedsTrust #DisabilityPlanning #FinancialPlanning #DailyMoneyManagers #TaxesAndDisability #ABLEAccounts #Trustee #SocialSecurity

An ABLE account, or Achieving a Better Life Experience account, is a tax-advantaged savings account designed to help individuals with disabilities save for disability-related expenses without jeopardizing their eligibility for government benefits. Here's a brief overview: Eligibility: To qualify for an ABLE account, the beneficiary must have a significant disability that began before the age of 26. They can be the account holder and beneficiary simultaneously. Tax Benefits: Contributions to an ABLE account are made with after-tax dollars, but the earnings on the investments grow tax-free. Withdrawals for qualified disability expenses are also tax-free. Contribution Limits: The total annual contributions to an ABLE account cannot exceed the federal gift tax exclusion amount, which is $18,000 in 2024. However, working account holders can contribute additional amounts from their income, subject to limits. Qualified Expenses: Funds from an ABLE account can be used for various disability-related expenses, including education, housing, transportation, healthcare, assistive technology, and basic living expenses. Impact on Benefits: ABLE accounts allow individuals to save more than the $2,000 asset limit typically imposed by means-tested programs like Supplemental Security Income (SSI) and Medicaid. For SSI, only account balances over $100,000 are counted toward the resource limit. Account Management: The beneficiary or their legal representative manages the ABLE account, making it a flexible and empowering financial tool for individuals with disabilities. ABLE accounts provide individuals with disabilities and their families a way to save for the future and maintain financial independence without sacrificing essential benefits.

🌱 Take Advantage of the Huge Grants Available in RDSPs (Registered Disability Savings Plans) 🌱 If you or a loved one qualifies for the Disability Tax Credit (DTC), you could be missing out on an incredible financial opportunity: the Registered Disability Savings Plan (RDSP). RDSPs offer life-changing benefits, particularly for individuals and families with lower to moderate incomes. Here’s why: 👉 Grants and Bonds: Get Up to $70,000 in Grants & $20,000 in Bonds The Canadian government offers a Canada Disability Savings Grant (CDSG), which can match your contributions by up to 300%, with a lifetime maximum of $70,000. Even if you're unable to contribute, families with low incomes may still receive the Canada Disability Savings Bond (CDSB), which can provide up to $1,000/year without any personal contributions, maxing out at $20,000 over time(FP916 - Registered Educ…)(FP916 - Registered Educ…). 👉 No Annual Contribution Limits You can contribute as much as you want annually to the RDSP (though there’s a lifetime limit of $200,000). Best of all, earnings on your investments grow tax-free until they’re withdrawn(FP916 - Registered Educ…). 👉 Who Benefits the Most? • Families with Low to Moderate Income: These families can receive the most in matching grants and bonds, which make it much easier to grow savings for long-term financial security(FP916 - Registered Educ…). • Children and Adults with Disabilities: If eligible for the DTC, you can benefit from both the grants and tax-free growth(FP916 - Registered Educ…). 🔑 Key Takeaway: Don’t Leave Money on the Table! With an RDSP, you’re not just saving for the future—you’re accessing powerful government programs that can multiply your contributions and help ensure long-term security. Have questions or want to learn more? Let's talk about how you can set up an RDSP and maximize your benefits! 📞💬 https://franzvickerson.ca/ #DisabilitySavings #FinancialLiteracy #FinancialSecurity

If you’re managing the financial future of a family member with special needs, this post is for you. The unique challenges you face call for thoughtful and tailored strategies to ensure long-term security and well-being. At Assurance Family Partners, we've gained valuable insights through our collaborations with caregivers and disability benefits consultants, enabling us to help you navigate these complexities with greater effectiveness. If this speaks to you, I encourage you to explore these essential strategies further. 🔗 Explore the full article below 👇:

🌟 Enhance your financial security with the Disability Support Pension and the Special Disability Trust! Explore how these can be pivotal in safeguarding the future of those with severe disabilities: 🛡️ 𝗗𝗶𝘀𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗣𝗲𝗻𝘀𝗶𝗼𝗻: Understand the benefits, eligibility, and additional support services available. 💼 𝗦𝗽𝗲𝗰𝗶𝗮𝗹 𝗗𝗶𝘀𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗧𝗿𝘂𝘀𝘁: Learn how setting up a trust can provide long-term financial care and why it’s exempt from certain income and asset tests. Delve into the details to ensure your loved ones are well cared for: https://lnkd.in/gv29z2ZM Need advice on setting up a trust or understanding pension benefits? Contact us today! #DisabilitySupport #FinancialSecurity #DenaroLink

An ABLE account, or Achieving a Better Life Experience account, is a tax-advantaged savings account designed to help individuals with disabilities save for disability-related expenses without jeopardizing their eligibility for government benefits. Here's a brief overview: Eligibility: To qualify for an ABLE account, the beneficiary must have a significant disability that began before the age of 26. They can be the account holder and beneficiary simultaneously. Tax Benefits: Contributions to an ABLE account are made with after-tax dollars, but the earnings on the investments grow tax-free. Withdrawals for qualified disability expenses are also tax-free. Contribution Limits: The total annual contributions to an ABLE account cannot exceed the federal gift tax exclusion amount, which is $18,000 in 2024. However, working account holders can contribute additional amounts from their income, subject to limits. Qualified Expenses: Funds from an ABLE account can be used for various disability-related expenses, including education, housing, transportation, healthcare, assistive technology, and basic living expenses. Impact on Benefits: ABLE accounts allow individuals to save more than the $2,000 asset limit typically imposed by means-tested programs like Supplemental Security Income (SSI) and Medicaid. For SSI, only account balances over $100,000 are counted toward the resource limit. Account Management: The beneficiary or their legal representative manages the ABLE account, making it a flexible and empowering financial tool for individuals with disabilities. ABLE accounts provide individuals with disabilities and their families a way to save for the future and maintain financial independence without sacrificing essential benefits.