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What Is An “ABLE” Account?

Are you looking for a way to put away money to pay for expenses of a loved one with disabilities?  Then you should consider creating a New York “ABLE” account.  “ABLE” stands for “Achieving a Better Life Experience”.

To qualify for NY ABLE, the eligible individual must be a New York resident.

There are two ways to be considered an eligible individual.  Either:

    • a disability must be present before age 26, and the individual must be entitled to SSI or Social Security Disability Insurance (SSDI) because of his or her disability, OR
    • a disability must be present before age 26 AND AT LEAST ONE OF THE FOLLOWING requirements must be met:
      • The individual has a written diagnosis from a lice
        nsed physician documenting a medically determinable physical or mental impairment which results in marked and severe functional limitations, that can be expected to last for at least a year or can cause death, OR
      • The individual is classified as blind (as defined in the Social Security Act), OR

Proof of eligibility isn’t required to open an account. However, eligible individuals should maintain a benefits verification letter, a record of diagnosis or other relevant documents should they need to prove eligibility at a later time. (

Each disabled individual can only have one ABLE account in their name.  That account cannot exceed $100,000.  If that account exceeds the $100,000, SSI benefits will be suspended until such time as the funds are spent down to $100,000.  Benefits will resume at that point.

At Russo Law Group, we are well aware of the benefits of an informed consumer, which is why we provide a comprehensive website with an abundance of information, as well as free seminars and webinars to educate the general public.

Please join us at one of our many upcoming seminars and webinars. For more information check the calendar of our website or give us a call.

Deanna Eble

Deanna M. Eble
Russo Law Group, P.C.
100 Quentin Roosevelt Blvd., Suite 102
Garden City, NY 11530

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