Maryland Achieving a Better Life Experience (ABLE) Program - Account Establishment - Procedures
Impact
The enactment of SB343 will particularly impact Maryland law by providing clearer guidelines about who can establish and manage an ABLE account. By allowing representatives of the eligible individuals to create accounts, the bill removes barriers that might have previously limited access to such financial vehicles. Moreover, the Maryland 529 Board is required to adopt procedures that facilitate enrollment and operation of these accounts, ensuring that more individuals can benefit from the advantages provided by the ABLE Program.
Summary
Senate Bill 343, also known as the Maryland Achieving a Better Life Experience (ABLE) Program, establishes new procedures for the creation and management of ABLE accounts aimed at individuals with disabilities. The bill allows certain individuals who are authorized representatives—such as agents under a power of attorney, family members, or legal guardians—to establish or manage these accounts on behalf of eligible individuals. This broadens access to financial tools designed to enhance the economic security of people with disabilities, aligning with federal regulations under the Internal Revenue Code.
Sentiment
The sentiment around SB343 appears to be positive among advocates who support the expansion of financial resources for individuals with disabilities. Proponents express enthusiasm about the potential for these accounts to improve financial stability and quality of life for eligible individuals. There seems to be a general consensus that facilitating easier account management will empower families and caretakers, thus improving the overall welfare of people with disabilities.
Contention
While the bill has garnered support, the discussion surrounding it reflects a cautious approach to ensuring protections for eligible individuals. Noteworthy concerns include ensuring that the procedures established do not inadvertently facilitate exploitation of vulnerable individuals. As the Maryland 529 Board moves forward with the implementation, there is an emphasis on creating safeguards to prevent misuse of authority by those who establish these accounts.
Maryland Achieving a Better Life Experience (ABLE) Program - Materials for Individualized Education Program, Individualized Family Service Plan, and 504 Plan Meetings
Maryland Achieving a Better Life Experience (ABLE) Program - Materials for Individualized Education Program, Individualized Family Service Plan, and 504 Plan Meetings