ABLE Act

How Supplemental Security Income Can Help if Your Loved One Is Disabled

by Staff | March 30th, 2015

There are millions of Americans who are unable to work because of a disabling condition they suffer from, but not all of those individuals are work-age adults who have paid into the Social Security Disability benefits system long enough to collect compensation. In fact, many are children who have been afflicted with their condition all their lives.

Having a disabled family member can provide a unique set of financial hardships, which is why the Social Security Disability lawyers with Fleschner, Stark, Tanoos & Newlin believe it’s so important to have a plan in place for how you will cover your loved one’s medical and personal expenses. Today, we’d like to offer several tips on steps you can take to establish such a plan for the future:

  • Apply for Government Assistance- Several federal programs provide assistance to the disabled. If your child suffers from a disability, you may qualify for Supplemental Security Income (SSI). While Social Security Disability benefits are only awarded to United States citizens who have worked and paid into the system, SSI is typically given to any disabled adult or child who has limited income.
  • Start Saving Now– Last year, a bill was approved that changed the amount of money and assets a disability recipient could have at any given time. The Social Security Administration states the ABLE Act allows disability recipients to keep up to $100,000 in a special account with no tax deductions. Previous law only allowed the disabled to have as much as $2,000 in assets at any time.
  • Get Help- The laws that govern disability benefits can be complex and difficult to navigate. Speaking with a legal representative can help clarify the questions and issues you may have regarding your claim.

We hope these suggestions help you on your way to financial freedom for you and your family!

Changes Made to Social Security Disability Eligibility With Approval of the ABLE Act

by Staff | December 8th, 2014

Getting approved for Social Security Disability benefits can be difficult enough, but keeping benefits after you’ve been approved can be just as arduous. One of the most frustrating aspects of holding on to Social Security Disability eligibility is managing your finances and assets.

For years, the Social Security Administration had established guidelines that prevented Social Security Disability recipients from acquiring more than $2,000 in assets at any given time. This made paying for medical expenses, education, transportation, or even attempting to buy a home virtually impossible. That’s why lawmakers recently passed a bill that adjusts these limits.

ABC News reports lawmakers have approved the Achieving a Better Life Experience (ABLE) Act. This bill will allow Social Security recipients to set up tax-free bank accounts that would allow them to deposit up to $14,000 a year to help cover expenses. The accounts would be capped after accruing $100,000. Officials say they hope the move will allow the disabled to live a more independent lifestyle.

At the law firm of Fleschner, Stark, Tanoos & Newlin, we are aware of how difficult it can be to make ends meet when you’re disabled and have limited finances. That’s why our Social Security Disability Lawyers are hopeful the ABLE Act will successfully allow the disabled to save money in order to cover the expenses that can affect their daily lives.

Are Supplemental Security Income Laws Holding Americans Back?

by Staff | September 10th, 2014

Millions of Americans depend on Supplemental Security Income (SSI) to make ends meet. But SSI laws and regulations that govern this program have not changed in decades, and there is strong argument the regulations force the program’s participants to live in poverty.

In qualify for SSI, applicants must not make more than $700 per month, which is well below the poverty line. Benefits recipients are also prohibited from accruing more than $2,000 in savings, preventing them from saving money for the future.

Luckily, there are those who are fighting to change these laws through the Achieving a Better Life Experience (ABLE) Act. An article from Al Jazeera America explains this piece of legislation would allow SSI recipients to create tax-free savings accounts to help cover expenses such as purchasing a home, receiving a higher education, buying a car, or paying for medical expenses. The accounts would have a $100,000 limit, which would prevent most recipients from losing benefits.

The SSI Lawyers with Fleschner, Stark, Tanoos & Newlin are aware of how difficult it can be to make ends meet on Social Security benefits. That’s why we are here to help you ensure you get the benefits you deserve. Call us at (800) 477-7315 to learn what we can do for you if you’re applying for benefits or have a claim that’s been denied in the past.

The ABLE Act Is Up for Consideration Again

by Staff | April 21st, 2014

Many Americans depend on Social Security Disability (SSD) benefits or Supplemental Security Income (SSI) to make ends meet, but these programs can also inhibit certain recipients from becoming financially independent. This is because of stringent Social Security and Supplemental Security Income laws that restrict the amount of money and assets that a recipient of these benefits can have.

Under current Social Security laws, an individual is prohibited from making more than $700 per month or holding more than $2,000 in savings outside of their SSD or SSI income.  If an emergency arises, these limits can make it extremely difficult for a recipient to make ends meet financially.

This is why many legislators are supporting a new law called the Achieve a Better Life Experience Act (ABLE Act). According to Social Work Helper, this piece of legislation would allow SSD or SSI beneficiaries to open a particular type of tax advantaged savings accounts that would allow them to hold their money at little to no penalty.

The bill was on the table for consideration during last year’s legislative session, but time ran out before a decision in the matter could be reached. The legislation will be up for vote again soon and now has more than 400 supporters.

The Social Security disability lawyers with Fleschner, Stark, Tanoos & Newlin applaud the changes being considered and are hopeful the reforms are passed disabled Americans get the compensation they deserve.

Lawmakers Seek Approval Of The ABLE Act For Disability Recipients

by Staff | August 2nd, 2013

August 1, 2013

Social Security Disability and other similar benefits provide financial resources to those who are unable to work due to a mental or physical impairments. The long-term goal of the program though is to get these individuals back into the workforce; however, certain constraints that are placed on recipients regarding the income they can bring in while still collecting benefits leaves many unable to work.

In an effort to address this problem, legislators have introduced the Achieving A Better Life Experience (ABLE) Act earlier this year. According to an article published by The Huffington Post, the law would allow a disabled individual to establish an up to $100,000 tax-advantage savings account to be used for disability-related expenses not covered by other benefits.

Some of the expenses the money could be used to cover include housing and transportation needs, education costs, preventative health measures, and personal support. Current law only allows disability recipients to have less than $2,000 in savings at any given time.

Experts say that the ABLE Act will save the government money by allowing the disabled to be productive members of a community.

The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin want to help if you’re disabled and have questions about your benefits.