Kitchen Table Finance

S3E29 – Special Guest – Scott de Varona with MiABLE

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Welcome to another episode of Kitchen Table Finance! Today, we have a very special guest, Scott de Varona, Division Director at MiABLE 529(a) Disability Savings Program & Student Loan Repayment Division. We discuss the groundbreaking MiABLE 529 disability savings program. If you’re curious about how this program can help individuals with disabilities achieve a better life experience, you’re in for a treat.

https://youtu.be/jM0Q1zol3n4?si=hMHWvJzFJ23s-IAS

Key Points Covered

What is ABLE?

  • ABLE stands for Achieving a Better Life Experience
  • Modeled after the 529 education savings program but focused on disability savings

    • According to their website, “ABLE is about Connecting People with Disabilities, their families, and those who support them to information about the Achieving a Better Life Experience (ABLE) Act and ABLE accounts. Our mission is to educate, promote, and support the positive impact ABLE can make on the lives of millions of Americans with disabilities and their families.”

    Check out Michigan plan information here.

    https://youtu.be/K2KnCTw_mRw

    Scott’s Journey:
    • Background in Medicaid and how it led him to ABLE
      • Initial challenges and steps in setting up the ABLE program
        • The Importance of Awareness

        Common Misconceptions:

        • Lack of awareness in the disability community
        • Challenges in marketing to this unique population

          • Building Trust:

          • Partnering with service organizations and advocacy groups
          • Joint presentations with ISDs and other credible sources

            • Stephen Beck Jr. and the Origin of ABLE Accounts

            Personal Story

            • Stephen Beck Jr.’s advocacy for his daughter with Down syndrome
            • Creation of the ABLE account to allow savings without losing benefits

              • Functionality and Benefits of ABLE Accounts

              Ease of Setup: Simple online setup via https://www.ablenrc.org/

              Key Advantages:

              • Savings not counting against the $2,000 asset limit for benefit eligibility
              • Various allowable expenses, from housing to transportation

                • Contribution Limits: Up to $18,000 per year (subject to IRS changes)

                Wide Range of Uses: Education, housing, transportation, medical expenses, and more

                Why ABLE Accounts Matter

                Empowerment: Providing financial independence to individuals with disabilities and encouraging smart financial decisions without penalty

                Conclusion

                This episode sheds light on how ABLE is revolutionizing financial planning for individuals with disabilities. Scott de Varona’s insights make it clear that ABLE accounts are a game-changer, offering a better life experience through financial empowerment.

                Ready to learn more? Visit MiABLE to explore how you or a loved one can benefit from an ABLE account. Don’t forget to subscribe to our podcast for more expert insights and inspiring stories!

                Connect with Us
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                  • Email us your questions and feedback at [email protected]
                    • Guest Information

                    Scott de Varona, Executive Director at ABLE

                    Mission: Encourage and assist the saving of private funds to help persons with disabilities cover costs that support their health, independence, and quality of life.

                    • Website
                    • LinkedIn

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                      Kitchen Table FinanceBy David Shotwell CFP(r) and Nick Nauta CFP(r)
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