New website allows individuals with disabilities to accept monetary gifts from family and friends directly into their ABLEnow account.
RICHMOND, Va.—Anyone can contribute to an ABLEnow account. And thanks to a new website, family and friends can easily provide direct financial assistance to a loved one with disabilities without endangering the account owner’s eligibility for most means-tested benefits.
The ABLEnow Contribution Center provides a convenient way to help an individual with disabilities build his or her savings and achieve financial independence. To make an online contribution, gift-givers just need the ABLEnow account owner’s last name and account number to get started at able-now.com/give-a-gift. There are no fees to use the ABLEnow Contribution Center.
“Before ABLEnow, monetary gifts to an individual with disabilities could jeopardize their much-needed income, health care, food and housing assistance benefits,” said Mary Morris, CEO of Virginia529, the agency that administers ABLEnow. “The new ABLEnow Contribution Center makes it easy for our ABLEnow customers to accept monetary gifts and assistance like anyone else. Family and friends can mark birthdays, holidays and other milestones by making a contribution directly into their loved one’s ABLEnow account.”
Gift-givers may benefit from their contribution too. Virginia offers an annual state income tax deduction of up to $2,000 per contributor for contributions to an ABLEnow account.
In addition to the new website, gift contributions may be made directly into an ABLEnow account by mail. Printable, themed gift certificates are available online to share the good news.
With accounts in all 50 states, ABLEnow is one of the fastest-growing ABLE savings program in the country since it opened for national enrollment in December 2016. Virginia was among the first states in the country to offer an ABLE program.
ABLEnow provides people with disabilities and their families the opportunity to gather resources for today’s needs or invest for tomorrow. These simple, affordable and tax-advantaged accounts allow eligible individuals to contribute up to $14,000 a year without endangering eligibility for most means-tested benefit programs, including Medicaid and Supplemental Security Income (SSI). The program is administered by Virginia529, the nation’s largest college savings plan with an expanded mission to assist individuals with disabilities expand their potential and enhance their life experience.
To learn more and open an ABLEnow account, visit able-now.com.
In December 2016, with an expanded mission, Virginia529 launched ABLEnow®, a national ABLE savings program for eligible individuals living with disabilities. Call 1-844-NOW-ABLE or visit able-now.com to obtain information on the program.
For twenty years, Virginia529 has made higher education more accessible and affordable for families and individuals. With more than $62 billion in assets under management and over 2.5 million accounts as of March 31, 2017, Virginia529 is the largest 529 plan in the country with three tax-advantaged programs—Prepaid529SM, Invest529SM and CollegeAmerica®—and early commitment scholarship program SOAR Virginia® assisting students of any age to reach their higher education goals. For more information on Virginia529’s college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials.
We encourage you to seek the advice of a professional concerning any financial, tax, legal or federal or state benefit implications related to opening and maintaining either a college savings or an ABLE account. Participating in these programs involve investment risk including the possible loss of principal. For non-Virginia residents: other states may sponsor a college savings or ABLE plan offering state tax or other benefits not available through our programs. © 2017 Virginia College Savings Plan. All Rights Reserved.
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