Nebraska has announced that it will be among the first states to launch a new tax-advantaged savings plan designed for special needs individuals.
In conjunction with the First National Bank of Omaha, Nebraska will launch the Enable Savings Plan, a 529-like investment account made possible by the 2014 ABLE Act next month.
ABLE Accounts allow families to save for special needs individuals in a tax-free account without jeopardizing that individual’s ability to qualify for Medicaid and federal disability benefits.
“We’re thrilled to be a pioneer of the ABLE program,” said Nebraska State Treasurer Don Stenberg in a statement. “We are eager to launch on June 30 so that members of this community can save for their future and the future of their loved ones.”
Families can save up to $14,000 annually, to a maximum of $100,000, before the special needs individual's federal benefits are affected. Previously, special needs individuals could not have more than $2,000 without impacting their benefits.
Nebraska’s version of the accounts will allow for risk-based investment options, a FDIC-insured bank savings option and a checking account option with debit card capability. The accounts will be available to households nationally.
Thus far, 43 states have enacted their own ABLE Act. Ohio and Florida are prepared to roll out their versions of the accounts this summer, but Nebraska's June 30 launch date is the earliest yet reported.
A consortium of nine states—Alaska, Illinois, Iowa, Kansas, Minnesota, Missouri, Nevada, Pennsylvania and Rhode Island—are working cooperatively to research implementation, while other states are planning implementation between the latter half of 2016 and the end of 2017.
Nebraska Set To Launch ABLE Accounts in June
May 3, 2016
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To learn more about the Ohio program - called STABLE - here is info about a webinar going on next week. The ABLE Act – Featuring STABLE - Ohio’s ABLE Act Program Time: May 10th 11:30 – 1 PM PST To register – go to https://attendee.gotowebinar.com/register/8335854321669986819 Join Juliana Crist, the STABLE Account Director under the Office of Ohio Treasurer Josh Mandel and a panel of advocates from 3 leading organizations to learn about this new tool and it’s many uses. See www.stableaccount.com to learn more about STABLE Accounts. Speaker Panel Juliana Crist – STABLE Account Director in the Office of Ohio Treasurer Josh Mandel. STABLE is Ohio’s ABLE Act Program which will be the first ABLE Act program available in the country. STABLE is currently testing its system and is expected to be available in all states soon. Bryon MacDonald – With WID, the World Institute on Disability. Bryon is Program Director for the DB101 website (www.db101.org) which provides persons with disabilities, families, and advocates tools and information on health coverage, benefits, and employment. Tony Anderson – Executive Director of the Arc of California and on the board of the Arc of the US. In addition, Tony leads the Lanterman Coalition which focus on the need for sustainable funding for persons with I/DD. Mary Eble – Executive Director of the North Bay Housing Coalition and the Golden State Pooled Trust. The North Bay Housing Coalition focuses on the need for sustainable Housing for persons with disabilities. Stephen W. Dale – Trustee of the Golden State Pooled Trust and author of the Achieving Independence Guide. Stephen and his team also maintain a YouTube channel with over 190 hours of education on all different issues concerning providing quality of life for persons with disabilities. Questions Because of the expected volume of attendees and questions, we ask that if you have a question that you would like answered please email your questions to [email protected] and we will forward it to the panel.