14 Apr Bill Filed to Implement Able Act in Texas
A bill has been proposed to the Texas legislature to implement the Achieving a Better Life Experience Act (ABLE) which allows adults and children with disabilities whose disability occurred before age 26 to shelter up to the annual exclusion (presently $14,000 per year) into an account which is tax free and the account would not count as a resource for programs such as Medicaid and Supplemental Security Income (SSI). The first $100,000 in such account would not count as a resource (SSI and Medicaid eligibility requires countable resources to be below $2,000 to be eligible). See our December 2014 issue of the Texas Elder Law E-letter for additional information about the ABLE Act. This bill encourages savings to support disabled individuals to be independent and have a quality of life.