Are you aware of MiABLE accounts?
The Michigan Able Act was signed into law in October 2015, following passage in December 2014 of the federal Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act, which authorized states to establish tax-advantaged savings programs for individuals with a disabilities.
The goal is to encourage and assist individuals and families in saving funds that help individuals with disabilities to maintain health, independence and quality of life without jeopardizing benefits provided through private insurance, Supplemental Security Income, Medicaid, the beneficiary's employment and other sources.
Click on the image of their Facebook page (below) to watch their new commercial:
More details:
- Annual contribution limit is capped at $15,000
- Beneficiaries who are employed can contribute an amount equal to their current-year gross income, up to $12,060.
- The first $100,000 in a MiABLE account is not considered when determining eligibility for Supplemental Security Income
- If the account exceeds $100,000, the designated beneficiary could lose monthly SSI benefits
- In addition, a MiABLE account is considered a 529 account by the IRS, and the maximum contribution limit for all Michigan 529 plans combined for a designated beneficiary is $500,000