Empowering Financial Independence: NAST & ABLE today Launch Innovative Savings Resources

Washington, DC, June 14, 2024 (GLOBE NEWSWIRE) — The National Association of State Treasurers (NAST) and its ABLE today program are excited to announce new innovative resources for those interested in ABLE savings plans.

Knowing that finding the right financial solution can be overwhelming, NAST and ABLE today developed a first-ever search and compare tool for those researching ABLE savings plans. The interactive platform allows users to view state ABLE programs and compare items such as program fees, maximum account balance, state tax benefits, in-state or out-of-state residency, and more. This allows individuals to find a program that fits best with their savings and investment goals. The resource can be found here https://www.abletoday.org/compare-able-programs.

“ABLE programs are powerful financial tools to help our friends and neighbors with disabilities build a better future and live more independently,” said Pennsylvania Treasurer Stacy Garrity, ABLE Savings Plans Network Chair. “I’m thrilled that ABLE today continues to build new resources to help more people learn about the great benefits of saving with ABLE and find the best program to fit their needs. Getting the word out about ABLE programs and making sure people understand their positive impact is incredibly important, especially with the program expanding eligibility in 2026 to millions more Americans, including one million Veterans, thanks to the ABLE Age Adjustment Act.”

In partnership with the DC Bar, a continuing legal education class has been developed for law professionals nationwide on ABLE savings plans. This informative class provides an overview of how ABLE accounts can positively impact people with disabilities, their families, and their caregivers. The knowledgeable faculty also provides the statutory background on ABLE accounts and will explain eligibility requirements, account management, contribution limits, qualified expenses, tax rules, and interactions with benefits programs (such as SSI and Medicaid). Finally, the class gives practice pointers for the usage of ABLE accounts, including working in conjunction with special needs trusts. The class can be accessed at abletoday.org/cle.

“There are many attorneys across the United States whose clients or family members could benefit from an ABLE account,” commented NAST Chief Executive Officer and DC Bar President-Elect Shaun Snyder. “This new legal education session will provide those attorneys with the tools they need to better aid people living with a disability.”

ABLE accounts are a financial tool for people with disabilities. Accounts allow people with disabilities to have money that is not counted towards asset limitations set by means-tested benefit programs like Medicaid or SSI. These asset limits prevent people with disabilities from saving money beyond $2,000 and planning for their future. To learn more about ABLE accounts, visit https://www.abletoday.org/overview.

CONTACT: Catherine Seat
National Association of State Treasurers