A little history about the ABLE Act here in CT. The Connecticut Public Act 15-80 was passed in 2015 to implement the federal law. Summary: PA 15-80 requires the state treasurer to (1) establish a federally qualified Achieving a Better Life Experience (ABLE) program and (2) administer individual ABLE accounts. The program must encourage and help eligible individuals and families save private funds to pay for qualifying expenses related to disability or blindness. To run the program, the act establishes the Connecticut ABLE Trust to receive and hold funds intended for ABLE accounts. It generally exempts money in the trust and interest earnings on it from state and local taxation. Under the act, funds invested in or distributed from an ABLE account must be disregarded when determining an individual’s eligibility for assistance under federally funded assistance or benefit programs. The act also prohibits the state’s public colleges and universities from considering funds invested in ABLE accounts when determining eligibility for need-based institutional aid.
If all this seems a bit overwhelming, let us help you. Generation Prime was a part of a group of dedicated parents, professional and non-profit organizations that spent almost two years researching and advocating the ABLE ACT in the fall of 2016. We have the experience to answer your question and point you in the right direction.