Have you considered an Illinois ABLE “Achieving a Better Life Experience” account as part of your financial planning for families with a child with special needs or for individuals with disabilities?
IL ABLE is a direct-sold investment and savings plan that eligible people with disabilities and their families can open to save for expenses related to living with a disability, without losing federal means-tested benefits such as SSI, SSDI, and Medicaid.
Here are 5 things financial advisors and planners need to know about IL ABLE:
- Earnings are tax-free, and funds can be withdrawn tax-free to cover a broad range of qualified disability expenses including housing, health and wellness, education and training, therapy, basic living expenses, and more.
- Illinois taxpayers may deduct up to $10,000 for an individual or $20,000 for married taxpayers filing jointly, per tax year, on their Illinois state income tax return, for their total combined contributions to any IL ABLE Plan. The individual and joint filing limits on deductions will apply to total contributions, regardless of whether the contributions are made to a single account or to multiple accounts.
- These quality companies are part of the IL ABLE investment and checking account lineup: BlackRock, Charles Schwab, Fifth Third Bank, and Sallie Mae. IL ABLE offers six investment options plus an FDIC-insured checking account option to meet the needs of the disability community – from Aggressive, seeking higher potential returns, to Conservative, placing asset preservation over growth. IL ABLE Account Owners may choose a single option or a blend of all seven options.
- A third-party special needs trust can fund an IL ABLE account to cover expenses the trust cannot pay, such as housing.
- An IL ABLE account is easy for the Account Owner or Authorized Individual to access, allowing for greater independence and quality of life.
Learn More About IL ABLE
Explore how an IL ABLE account can help you save for qualified disability-related expenses.
- Visit the IL ABLE website
- Review the Plan Disclosure Booklet
- Explore IL ABLE Investment Options
- Open an IL ABLE Account
For assistance, call 888-609-8683 Monday through Friday from 8 am to 5 pm CT, or email il.clientservice@savewithable.com. Support is available in multiple languages and for callers who are deaf or hard of hearing.