If you have been following this week’s posts, you know that STABLE accounts represent an incredible opportunity for people to save money.
A STABLE account allows individuals with developmental disabilities to hold tax-advantaged savings accounts, much like the OK College Savings Plan.
STABLE accounts are administered by the Ohio State Treasurer’s Office. The official name for Oklahoma’s program is OK STABLE.
Previously, persons using SSI could not hold more than $2000 in assets without their benefits being halted temporarily. Under the federal ABLE Act, people can have up to $99,999 in assets (and contribute $15,000 annually*) in their ABLE account without any impact on their SSI eligibility.
Eligible account holders must have a significant and verifiable disability with an onset before 26 years of age.
Enrollment is on-line and easy! And you can request a debit card.
Qualified expenses must demonstrate a benefit to quality of life.
STABLE accounts are different from special needs trusts in that they cost less to establish (no associated lawyer fees) and accessing the money should be easier/quicker. Additionally, some special needs trusts have withdrawal fees or taxes associated with them.
We know people with developmental disabilities want financial independence. We know their families worry that SSI has significant asset limits.
* The maximum annual contribution MAY change yearly – and is based on several factors. You will want to check the OK-STABLE website annually!
Please copy this address for your internet browser and read about how Oklahoma administers its STABLE program: https://okstable.org