Author: trex

Kentucky STABLE [link]

These accounts take about 15 minutes to set up and allow you to save for your child’s future or for your own future without losing benefits as a person with a disability.

“A STABLE Account is an investment account available to eligible individuals with disabilities. STABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act. STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid or SSI. Earnings in your STABLE Account are not subject to federal income tax, so long as you spend them on “Qualified Disability Expenses.”

STABLE accounts have some similar features to normal bank accounts, but they are not checking or savings accounts. STABLE Accounts are investment accounts, similar to 529 college savings accounts or 401(k) retirement accounts. When you deposit money into your STABLE Account, your money will be invested in different options that you choose. While you can still withdraw and spend your money whenever you need it, STABLE Accounts also allow you to grow your money and to save long-term for disability expenses. A STABLE Account is an investment account available to eligible individuals with disabilities. STABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act. STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid or SSI. Earnings in your STABLE Account are not subject to federal income tax, so long as you spend them on “Qualified Disability Expenses.”

STABLE Kentucky

Other resources about ABLE accounts:

• Read a mom’s account of setting up an ABLE account on the KentuckyWorks blog
• Read a CNBNC report about ABLE account
• ABLE National Resource Center