In Missouri, there are many different benefits that can help you financially if you are suffering due to a disability. One of these is an ABLE account. This is a bank account that has tax advantages for disabled people.
If you want to learn more about whether you are eligible for an ABLE account and how it can benefit you financially, it is important that you fully understand your rights. Many disabled people fail to benefit from all the benefits they are entitled to because of a lack of awareness.
Who is eligible for ABLE accounts?
If you are a resident of Missouri and you have been suffering from a long-term disability since before you were 26, you will be eligible for an ABLE account.
How can I open an ABLE account?
You can open an account through Missouri’s state-designated program, which is known as MO ABLE. You can only have one ABLE account, and therefore you cannot open a MO ABLE account if you have an ABLE account in another state.
What are the benefits of an ABLE account?
ABLE accounts are tax-free. This means that you can build wealth more easily. If you put your earnings into your ABLE account, you may also benefit from saver’s credit and will, therefore, be subject to lower state taxes.
If you are suffering from a long-term disability in Missouri, it is important that you take the time to understand your rights and all of the benefits you’re entitled to. Opening an ABLE account could be a great way for you to save money.