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How the Texas ABLE® Program Works with a Special Needs Trust
Contains material from Mar 2020
How the Texas ABLE® Program Works with a Special Needs Trust
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Learn about the tax-advantaged Texas Achieving a Better Life Experience (Texas ABLE) Program—a savings program created just for Texans with disabilities. This session covers the basics of Texas ABLE and highlights how an ABLE account can be used in conjunction with a Special Needs Trust (SNT) to help Texans with disabilities save and plan for the future and keep certain public benefits.
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How the Texas ABLE® Program Works with a Special Needs Trust (Mar 2020)
Linda Fernandez, Kevin Lyons
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Session 1
—52 mins
How the Texas ABLE® Program Works with a Special Needs Trust (Mar 2020)
Learn about the tax-advantaged Texas Achieving a Better Life Experience (Texas ABLE) Program. Texas ABLE is savings program created just for Texans with disabilities—and it is a game changer. The program is based on federal and state legislation and is administered by the Texas Comptroller of Public Accounts. This session covers the basics of Texas ABLE and highlights how an ABLE account can be used in conjunction with a Special Needs Trust (SNT) to help Texans with disabilities save and plan for the future and keep certain public benefits.
This session also explains how a Texas ABLE account could be an alternative to a SNT when the amount of funds available is not enough to justify the cost of establishing and maintaining a SNT. Discover how a Texas ABLE account can complement a SNT by transfer of funds from a SNT to the ABLE account to pay for food, clothing, and shelter without affecting government benefits. Hear how a Texas ABLE account can be used to allow an eligible individual the independence to manage smaller amounts of money. And learn how a Texas ABLE account can be used to save up to $100,000 for qualified disability expenses without jeopardizing means-tested federal and state benefits, or up to $500,000 if eligibility for government benefits is not a concern.
Originally presented: Feb 2020 How the Texas ABLE® Program Works with a Special Needs Trust
Linda Fernandez,
Texas Comptroller of Public Accounts - Austin, TX
Kevin Lyons,
Texas Comptroller of Public Accounts - Austin, TX