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A PA ABLE (Pennsylvania Achieving a Better Life Experience Act) Account is a useful tool that allows individuals with disabilities to save money without jeopardizing receipt of their government benefits. The Pennsylvania Treasury Department recently announced four changes to PA ABLE Accounts that went into effect on November 20, 2022.
1. The hierarchy of Authorized Individuals has been expanded. For an eligible child or adult who lacks the capacity to contract, the Act allows for certain other individuals, referred to as Authorized Individuals, to open an account on their behalf.
Prior to the changes, the only individuals who could open and manage an account as an Authorized Individual, were a:
? Representative Payee
? Trustee of a trust for which the account owner is the beneficiary
? Someone appointed by a parent or guardian.
Read the rest of the Trust Matters newsletter.