1 Best Special Needs Financial Planners near Elgin, IL 60120

Many families of children with developmental differences set up ABLE accounts to support their children in adulthood. Money in these accounts can help your child pay for expenses such as housing, transportation, health care, education, and other expenses when they get older.

There are two significant advantages to ABLE Accounts:

• Public benefit eligibility: When your child becomes an adult, they must hold less than $2,000 in savings to be eligible for public benefits such as SSI. Money saved in an ABLE account does not affect eligibility for these benefits (your child can have up to $100,000 in an ABLE account and maintain eligibility).
• Tax benefits: Income earned by the account is not taxed and contributions to the account may be tax-deductible.

Actions to Take:

1. Enroll. Click here to enroll in your state’s ABLE program.
2. Prove eligibility. You will need a letter from a licensed physician confirming your child has significant functional limitations.
3. Start saving to contribute to the account. Parents, friends, and your child can all contribute.